A big jump in housing prices, sales and listings in March, 2010 are the right ingredients to pave the way for renewed enthusiasm for the St.Albert, Edmonton and Area Market Place.
I am quite amazed at what the historical numbers reveal in relation to where we are today.
Now would be a good time to invest in properties that people are tired of holding and are willing to take up to $50,000 losses - its happening!
Reading between the lines: For example
2006 avg residential sale prices $250,509
2007 avg residential sale prices $338,380
2008 avg residential sale prices $369,697
2009 avg residential sale prices $320,203
2010 avg residential sale prices $363,634 (so far*)
(*January 2010 $349,495, February 2010 $357,574 and March 2010 $375,758 on pace ..back to mid 2007 to early 2008 prices)
How about these stats:
The average residential price was $343,607 (up month-over-month by 8.5%).
Single family residences in March were up 4.7% from February and 11% from a year ago.
Condominium prices rose by 8.4% month-over-month and 10.5% year-over-year.
Duplex and rowhouse prices were up 10.4% from a year ago.
SALES ARE UP:
Residential sales were up 77.3% in the first quarter.
The average days-on-market in March was 41 as compared to 47 in February.
We believe that Alberta will not be influenced by the GST harmonization taking place in Ontario and BC so we should not see the sales slump in the second quarter that is expected in those two provinces.