Home sales up, prices stable Markets show ‘real growth potential’

Edmonton’s resale housing market saw higher sales but prices remained relatively constant in August compared with a year ago.

MLS sales for single-family homes increased to 969 from 813 in August 2010, according to Realtors Association of Edmonton figures released late Friday.

The average selling price last month was $370,438, down about 0.2 per cent from $371,187 a year ago.

In the condo market, there were 428 sales last month for an average price of $231,735. In August 2010, 378 condos sold for an average price of $236,521 – a drop of about two per cent.

Association president Chris Mooney said Edmonton’s market continues to show stability.

“Other real estate markets have seen recent boom-and-bust cycles that are not evident in our local market,” Mooney said in a release.

“Residential property is holding its value and the economic prospects for the Alberta and Edmonton markets show real growth potential in the next few years.”

Yuriy Fleysher, a Realtor at Dynateam Realty, called Edmonton’s resale market “strange.”

“If priced right, things are selling,” Fleysher said.

“(If it’s) overpriced – not even a phone call.”

Fleysher said some areas such as Glenora, Parkview and many suburban areas are selling well, while other neighbourhoods such as Cameron Heights in southwest Edmonton are slow.

“In general it is a balanced market. Nothing close to ‘the boom years,’ but also better than 2008.”

Todd Hirsch, ATB Financial senior economist, said Edmonton’s housing-market stability reflects consumer confidence and a healthy labour outlook.

“For both owners and buyers in Edmonton, the market this summer is summed up in one word: stable,” Hirsch said Tuesday in his daily economic newsletter.

“A few years ago, Edmonton’s housing market was riding a roller-coaster of ups-and-downs, soaring in price and sales in 2008, and correcting during the recession.

“Since then, prices have mostly recovered and are now in a period of relative stability. This price constancy is perhaps a bit surprising given the turbulent global economic environment at the moment. But it does highlight the fact that Alberta’s economic and labour market confidence are better than they are in most other parts of North America at the moment.”

Source: The Edmonton Journal

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