| November | Change from | October to November 2010 | | Change from | November to December 2010 |
New Listings | 1,811 | -340 | -15.8% | 965 | -846 | -46% |
Active listings | 7,005 | -351 | -4.7% | 5,721 | -1,284 | -18.3% |
Sales | 1,071 | -28 | -2.6% | 784 | -287 | -26.7% |
Average Sale price *House and Condo sales | $296,963 | -$3,829 | -1.3% | $289,362 | -$7,601 | -2.5% |
House | $363,999 | -$1,692 | -0.4% | $355,271 | -$8,728 | -2.3% |
Condo | $229,928 | -$5,966 | -2.5% | $223,454 | -$6,474 | -2.8% |
What do these statistics tell us?
Well we are into a new year and 2010 was stable without any big surprises. The changes in interest rates and mortgage rules at the beginning of the year caused the predictable early peak in prices with a slow steady decline in there after. Houses finished December $13,000 lower than in 2009 while condos finished the year $7,000 lower than December 2009. However average prices for the year are up $13,000 for 2010 over 2009 and condo prices are within $1,000 of the 2009 average.
I believe this to be due the above mentioned changes, this caused the buyers who would typically have bought later in the year to bring forward their purchases to take advantage of lower interest rates and less stringent mortgage rules.
What about 2011?
In the absence of any major changes to the interest rates, mortgage rules or any unforeseen economic woes, I see a very bright 2011.
With the strong dollar and oil prices approaching $100 / barrel economically things are looking bright.
As the Alberta economy is primarily oil dependant, increases in the price of oil draw more and more development to the oil fields bringing back the workers and investments that left when oil fell from its lofty heights a few years ago.
We as Albertans are feeling confident again with our ability to weather the economic storm, we have not seen the widespread personal financial hardships south of the border.
My prediction for 2011 is that home prices will continue a slow and predictable rise through 2011 consistent with the 25 year trend, ending the year close to if not surpassing December 2007 sale prices of $401,025 for houses and $254,654 for condominiums.
Dave Dry
Realtor
Re/Max Real Estate
Direct: 780 446 3727
Office: 780 457 3777
E-mail:info@davedryhomes.com
www.davedry.ca
www.davedryhomes.com