by Doris Jolicoeur, CD, ABR, CCSP
Associate Broker/Realtor, Professional Realty Group Mortgage Associate, Verico Brokers for Life
Fall has hit, thankfully not winter, and prices have also fallen. Seems the decreased sale prices have also decreased the number of days it’s taken a home to sell.
Last month, Morinville saw 17 single-family homes and two condos sell at average prices of $336,817 and $230,500, respectively. This is a 12.5% decrease over September’s average home price of $383,483, and a 4.7% decrease over August’s. A year ago last month, the average price was 5.3% higher and 1.3% higher in 2012. Morinville’s average home is now priced at 21.8% less than Edmonton and 20.7% less than St Albert’s. We normally see differences in prices in the 18% and 22% ranges, so this just shows that the prices in the city aren’t changing the way Morinville and St. Albert’s are. The average price in the whole of the Greater Edmonton Area in October was 21.1% higher, which is right around the prices in the larger communities.
Homes took 36 days to sell, which is a decrease of 22 days from September, 25 days shorter than in August, and they took 53 less to sell than in 2013. It took a Morinville home eight days less than Edmonton’s homes and three days more than St. Albert homes to sell. Could buyers be moving to Morinville for less expensive homes?
Last month, the MLS System reported 1,818 new listings and 850 units sold, giving us a 47% ratio in the Greater Edmonton Area. In Morinville, there were more single family homes sold than the 16 that were newly listed. There are currently 37 single-family homes to choose from, ranging from $195-$530K, enough inventory for over two months.
Generally, winter slows the market activity. Will this year’s November weather keep the number of units sold higher than average?