by Doris Jolicoeur, CD, ABR, CCSP
Associate Broker/Realtor, Professional Realty Group Mortgage Associate, Verico Brokers for Life
Morinville’s always been known to be a few months behind our surrounding larger communities, but the gains in the housing market we experienced last month might show the gap tightening.
Last month Morinville saw 26 single family homes and nine condos sell at average prices of $382,353 and $234,388, respectively. This is a 7.2% increase over May’s average single family home price of $356,805, and a 6.6% increase over April’s. A year ago last month, the average price was 13.8% lower and 14.9% lower in 2012.
Morinville’s average home is now priced at 10.2% less than Edmonton and 19% less than St Albert’s. This is where the gap is tightening. Most months I’ve had to report gaps between Morinville prices to Edmonton at about 18% and to St Albert at about 25%. The average price in the whole of the Greater Edmonton Area in June was only 12.2% higher.
Morinville homes took 37 days to sell, which is a decrease of 20 days from May, 22 days shorter than in April, and they took 14 less to sell than in 2013. Morinville homes sold in the same number of days as they sold in the whole Edmonton CMA. Contrarily, it took a Morinville homes four days longer to sell than average Edmonton homes but took just about the same amount of time to sell as average St Albert homes.
In June, the MLS system reported 1,828 new listings and 1,218 units sold, giving us a 67% ratio in the Greater Edmonton Area.
Given the market growth shown in June, I would have to expect a much smaller increase in prices for July, that’s if the market shows an increase at all. As for the incredible decrease in days it’s been taking a home to sell, I would love to see this continue.