Housing market continues surge

Real estate activity in St. Albert remained strong through November with sales volume exceeding 2008 levels by 36 per cent and eclipsing 2007 levels by 68 per cent.

The busy month was a continuation of a trend seen throughout most of this year. So far in 2009, sales volume in St. Albert is at 862 homes, a 12 per cent increase over 2008 and 13 per cent over 2007 volume. To date, the average selling price in St. Albert is $412,000, 0.9 per cent lower than last year and a 15 per cent drop from 2007.

The heightened activity is a result of confidence in the market and the economy, bolstered by low interest rates said Charlie Ponde, president of the Realtors Association of Edmonton.

Throughout the Edmonton region, sales volume has already surpassed that of 2008 but the total value of sales is down because of lower prices.

“We haven’t had a bumper year [in] dollars,” Ponde said. “The prices are a little softer but they’re still higher than what we predicted in January.”

There were 57 St. Albert homes sold in November, compared to 42 in 2008 and 34 in 2007. The average price, at $415,000, was $1,000 less than November 2008 but $54,000 less than the same month in 2007.

Starter homes are moving quickly, as is anything that’s well priced, said St. Albert realtor Jill Thomas, who is seeing multiple offers on some properties.

“There’s lots of people that are poised to do something. It’s typically not the best time of the year to get into real estate although we’ve had open houses and they’ve been hugely busy,” she said.

With the amount of activity still taking place and a rebound in attitudes, she thinks the market is poised to take off in January.

“I’ve always said that attitude will govern a market and people are just feeling better,” she said.

2009 2008 2007

Nov YTD Nov YTD Nov YTD

Units sold 57 862 42 771 34 762

Average price 415,609 412,480 416,387 441,242 470,617 487,381