Flood of listings weighs on Edmonton prices: Royal LePage

The survey showed Edmonton condominiums in the first quarter were down 1.8% from a year before, reaching an average of $205,667. Standard two-storey homes declined 0.1% over the same period to reach an average of $343,143. Detached bungalows showed the only price gain, up 2.3% to reach $309,857.

Part of the reason for the generally flat sales prices since last year has been rising inventory levels, thus creating a buyers’ market, said Ken Shearer, broker for Royal LePage Noralta Real Estate Inc. But he said there have been some multiple offers on entry-level properties around the $300,000 price point.

“This year’s winter weather was among the worst we have had in Edmonton and northern Alberta in a very long time, and this impacted activity in the first quarter,” said Shearer. Agents in other parts of the country have also blamed unusually bad winter for slow sales to start 2011.

Edmonton’s prices remain below the national average for all types of properties, according to Royal LePage.

The survey showed one section of the city did gain in value across all property types – Riverbend/Terwilligar. In that region of the city, one of the most expensive in Edmonton, two-storey house prices were up 2.7% in the first quarter to reach $380,000. Bungalows were up 13.9% at $450,000, and condos were up 0.9% at $220,000.

Some of the biggest year-over-year price drops were in St. Albert and Castledowns.

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