But home costs in catch-up market staying strong
David Finlayson – Journal Business Writer - Edmonton Journal - May 3, 2007.
House price increases slowed in April as more inventory came on the market, but don’t expect them to actually drop in the coming months, Edmonton Real Estate Board president Carolyn Pratt said Wednesday.
“We have said before that the Edmonton market is just catching up to market increases that appeared in other markets one or two years ago.
“Price increases may moderate slightly as the market returns to pre-boom levels but I do not anticipate that actual prices will decrease. There is a strong demand for housing and market value is an elusive target.”
More than 30 per cent of last year’s home sales were in the second “moving” quarter and Pratt expect that to continue despite the price increases.
Single family homes sold through Multiple Listing Service averaged $413,488 in April – 3.77 per cent higher than March, when prices had increased 6.7 per cent over February.
The average price a year ago was $265,557. Condominiums jumped 5.8 percent after a slight drop in March to average $261,044, while duplex and row houses prices were up 5.49 per cent to $341,083.
There were 3,232 residences listed, 2,441 sold, and inventory increased to 3,151 units.
The average time on market was 22 days.
The southwest continued to boast the highest single family home prices at $534,760, up from $368,846 in April last year.
St. Albert was at $491,616, up from $308,625, while west end prices were $479,477, up from $294,890.
The least expensive areas were central at $285,347, northeast at $338,973, and Stony Plain, $358,182.
Total sales, including residential and commercial, were $982 million, pushing the year to date numbers to more than $3 billion.
Sales of 48 commercial properties totaled $34.8 million, compared with 45 properties valued at $15.7 million in April 2006.
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