St. Albert - House prices rise as sales activity heats up

There were 99 homes sold in the city in April, a 39 per cent increase over the same month last year. The increased activity pushed the average price to $405,000. The average sale price was $393,000 in the first quarter of 2009 and $377,000 in March.

“People have realized now that we have adjusted our prices and the trend is showing that the prices are not going any lower,” said Charlie Ponde, president of the Realtors Association of Edmonton.

The volume increase comes after a poor March, when sales were 20 per cent less than the same month last year.

“The realtors are busy. Some of the properties are getting multiple offers,” Ponde said.

Much of the increased market activity is coming from homeowners who bought before 2006 who are now looking to move up the “property ladder,” said James Mabey of Sutton–Nor-Vista Realty.

Prices are slightly up and many homes are selling within $10,000 of their list price, he said.

“Several months ago I would have said it was totally normal for every buyer out there to be lowballing you by 20 or 30 thousand bucks,” Mabey said. “Right now it is a little bit tighter especially if you are a good and unique property.”

Inventory levels in St. Albert sit at about 234 single-family homes and 111 multi-family, a little more than half the peak numbers reached last year. April and May are typically the busiest months of the year in real estate, Mabey said.

Sales volumes are up 1.1 per cent in the Edmonton area, compared to April 2008.

Here’s the link to the original article on the St. Albert Gazette’s website: http://stalbertgazette.com/news/2009/0509/top4.htm