by Doris Jolicoeur, CD, ABR, CCSP
Associate Broker/Realtor, Professional Realty Group
Mortgage Associate, Verico Brokers for Life
Our wonderful large town is showing signs of catching up to our neighboring larger communities. The market trends Edmonton was showing in December are now quite similar in Morinville.
Last month, Morinville saw 24 single family homes and six condos sell at average prices of $349,375 and $198,833, respectively. This is a 1.8% increase over February’s average single family home price of $343,269, and a 3.75% decrease over January’s. Given that December’s listing to sales ratio was at 95%, a January sale price increase is not abnormal. A year ago last month, the average price was 20.9% lower but only 3.8% lower in 2012. Morinville’s average home is now priced at 19% less than Edmonton and 25.5% less than St Albert. The average price in the whole of the Greater Edmonton Area (GEA) last month was 18.4% higher than Morinville’s price, so close to the difference between Morinville and the City of Edmonton’s price. You could assume that prices in communities like St Albert and Sherwood Park caused the average in the GEA to increase while at the same time Morinville and Spruce Grove’s causing it to decrease.
Morinville homes took 66 days to sell, which is a decrease of nine days from February, 13 days shorter than in January, and 28 days less time than last year. It took a Morinville home 31 to 36 days longer to sell than average Edmonton and St. Albert homes. Hopefully, once spring finally hits we will see average days on the market cut in half and be closer to the larger communities around us.
In March 2014, the MLS System reported 1,585 new listings and 917 units sold giving us a 58% ratio in the Greater Edmonton Area. Morinville had 29 units listed and 24 units sold, giving us a ratio of 83%. Four units were both listed and sold within the month! A few months ago, I speculated that we would follow Edmonton’s record breaking 95% December ratio.
Could this be a great time to sell your Morinville home?
