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House prices stay strong as listings slip to historic lows
. q. A3 `2 n- }8 l( IEdmonton market expected to heat up this spring, but not as wild as last year's
; Z. D9 f9 }# \0 [+ E- X$ ZRon Chalmers, The Edmonton Journal, s Y# E* D; u: _& ^5 ]
Published: Tuesday, December 05, 2006
" E" o8 U5 j9 b% TEDMONTON - Edmonton-area home prices resumed their ascent in November after a brief pause in October.
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Average prices rose to $334,039 for detached houses, and $282,434 for all housing types.+ O) l/ a# g/ x& j; B: E# r* `
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Compared to one year earlier, those figures are up 47.7 per cent and 42.5 per cent, respectively." \& n1 X) j2 e: n M, S
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A sold house at 9109 79th Avenue. Sale prices in Edmonton continue to rise despite a decline in the number of sales.
( g5 D+ q4 e4 x3 oJohn Lucas, The Journal
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Font: ****"Weaknesses in the U.S. or eastern Canada housing sectors are not present in the Edmonton market," Madeline Sarafinchan, president of the Edmonton Real Estate Board, which released the figures, said Monday.
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Prices of all housing types fell 0.75 per cent in October from September -- then rose 2.1 per cent from October to November.
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+ E6 S- {: a. I/ ]7 D"Less than 15 per cent of last month's sales were sold for over the list price," Sarafinchan said. That's down from 37 per cent in July.
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1 q7 R# i: I2 `- KWhile prices are strong, the market has relaxed from the frenzy of earlier months. Listings were down 21 per cent, and sales were down 16.7 per cent from October. The market now has fewer semi-serious or speculative sellers than during the summer. "We saw some of that as prices increased dramatically," Sarafinchan said. "A lot of people were testing the market."
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With demand still strong, prices could be pushed higher, she said.
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"We are going into the new year with historically low levels of inventory," Sarafinchan noted. "We may see a real hot market in the spring, although maybe not to the same extent as this year."" S2 S, S0 B9 r0 _- ]0 a/ T
' |5 v$ F( @/ ^2 U9 ^" j7 i2 XDuring November, homes sold after an average of only 26 days on the market, compared to 39 days one year earlier, and 49 days two years earlier.- a7 t& {; @+ o1 n+ |& J9 W8 K
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rchalmers@thejournal.canwest.com
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2 m) U8 _2 v8 r ?& p4 D$ V© The Edmonton Journal 2006 |
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