by Doris Jolicoeur, CD Associate Broker, Professional Realty Group Mortgage Associate, Verico Brokers for Life
February, our coldest month yet this winter, showed a decrease in home prices and the number of units sold and a longer number of days it took to sell these homes.
Last month, Morinville saw 10 single family homes at an average price of $340,840. No condominiums sold in Morinville last month. Single family homes sold at 10.6% less than they did in January when they sold for $381,163, but February’s price was 4.5% higher than December. A year ago last month, the average price was 0.7% higher and 5.9% higher in 2013.
Morinville’s average home is now priced at 19.5% less than Edmonton and 27.7% less than St Albert’s. The average in the whole of the Greater Edmonton Area (including Morinville) in February was 20.9% higher than Morinville’s price.
Homes took 98 days to sell, which is an increase of 28 days from January 64 days longer than in December, but they took 23 more to sell than in 2014. It took a Morinville home 58 to 60 days longer to sell than average Edmonton and St Albert homes.
In February, the MLS system reported 1,428 new listings and 547 units sold giving us a 38% ratio in the Greater Edmonton Area.
January showed higher sale prices, lowered number of days on the market, and lowered percentage differences to our neighboring larger communities. Last month our numbers seemed grim, but I honestly feel they were greatly influenced by the weather. With interest rates dropping to as low at 2.69% on a five-year fixed rate, the banks are doing their best to counter effect all the doom and gloom people are speaking of. Will March show a reboot more like January’s sunshine and lollipops?