by Doris Jolicoeur, CD, ABR, CCSP
Associate Broker/Realtor, Professional Realty Group Mortgage Associate, Verico Brokers for Life
November seemed to come in like a lamb and out like a lion when it came to the whether this year. I’m sure some of us were quite grateful for the lamb! The lion of the whether at end month definately decreased activity in the housing market, with over half of the offers on single family homes coming in in week three. Week four saw little activity.
Last month, Morinville saw eight single family homes and one condo sell at average prices of $343,250 and $189,000, respectively. This is a 1.9% increase over October’s average single family home price of $336,817, and a 10.5% decrease over September’s. A hear ago, last month, the average price was 4.5% lower and 27.1% lower in 2012.
There was no real change in the market when comparing Morinville to neighboring communities as our town’s average home is now, as it is normally, priced at 20.7% less than Edmonton’s. The gap between Morinville and St Albert homes seem larger than the normal (22% ish) at 28.4%. The average price in the whole of the Greater Edmonton Area in November was only 22.5% higher than Morinville. Keep in mind that home prices in St Albert and Sherwood park affect this average.
Last month, Morinville homes took 80 days to sell, which is a huge increase of 44 days from October, 22 days longer than in September, and nine more than in 2013. It took a Morinville home 31 to 34 days longer to sell than average Edmonton and St Albert Homes, which is a much larger gap than the norm.
In November, the MLS system reported 794 new listings and 717 units sold giving us a 90% ratio in the Greater Edmonton Area. Historically, from November to January, as fewer homes are listed, our sales to listing ratios tend to stay above 90%.
With prices up year over year and month over month, days-on-the-market nearly double but inventory down, this winter is a good time to sell your home. You should experience less showings, longer possession, and a more relaxed process.