by Doris Jolicoeur, CD, ABR, CCSP
Associate Broker/Realtor, Professional Realty Group Mortgage Associate, Verico Brokers for Life
In some ways, December’s housing market was quite average for that month of the year and in other ways; it was quite extraordinary.
Last month, Morinville saw seven single family homes, and one condo sell at average prices of $326,142 and $184,000, respectively. The prices are a 5% decrease over November’s price of $343,250 and a 3.2% decrease over October’s. A year ago last month, the average price was 5% higher and 12.7% lower in 2012. Morinville’s average home is now 23.4% less than Edmonton in price and 31.3% less than St Albert’s. The average price in the whole of the Greater Edmonton Area in December was a whopping 24.1% higher. Being that the average price from November to December in Town has decreased, I suspect it is Edmonton’s prices that stayed steady.
Morinville homes took 34 days to sell, which is 46 days less than in November, two days less than in October, and 43 days less than a year ago. It took a Morinville home 17 days longer to sell than average Edmonton or St Albert homes. The short number of days-on-the-market is the statistic that I find extraordinary from last month.
Historically, in December every year, we find that the number of homes listed decreases, and the number of homes that sell do not decrease as much. The MLS system reported 534 new listings and 439 units sold giving us an 82% ratio in the Greater Edmonton Area. For the last few years, ratios of 90-95% have been typical. Is this a sign that market activity is slowing?