by Doris Jolicoeur, CD, ABR
Associate Broker – Professional Realty Group
Mortgage Associate – Verico Brokers for Life
Morinville’s housing market is, as I have mentioned before, showing the same trends that the whole of the Greater Edmonton Area showed a few months ago. Average prices are up year over year, days on the market are decreasing, and we are showing the record listed to sold ratios.
Last month, Morinville saw 26 single family homes and 6 condominiums sell at average prices of $358,657 and $218,583, respectively. This is a 4.5% increase over March’s average price of $343,375, and over February’s. A year ago, and two years ago last month, the average price was 4.5% lower in April. Morinville’s average home is now priced at 16.1% less than Edmonton and 23.7% less than St Albert’s. If you read my article on a regular basis, you’d know that the gap between Morinville prices and those in the two larger communities is tightening, as we normally see a spread of approximately 19 and 25%.
The average price in the whole of the Greater Edmonton Area in April was only 16.1% higher than Morinville’s. The GEA’s average price last month was only $22 from Edmonton proper’s price.
Morinville homes took 58 days to sell, which is a decrease of eight days from March, 17 days shorter than in February, and they took 11 less to sell than in 2013. It took a Morinville home 23 to 28 days longer to sell than average Edmonton and St Albert homes.
In April, the MLS System reported 1818 new listings and 1147 units sold giving us a 63% ratio in the Greater Edmonton Area. Conversely, in Morinville, our sales to listing ratio was much higher at 97% with 32 units listed and 31 sold within the month. This was the exact record breaking ratio Edmonton experienced in Edmonton this past December.
Morinville prices are increasing at a steady pace, and inventory and days-on-the-market are decreasing. The monetary savings or the “more for your money” house compared to St Albert or Edmonton, should attract buyers to Town. Will these economic factors cause Morinville to grow at a pace faster than normal? Can our infrastructure keep up?