by Doris Jolicoeur, CD, ABR
Associate Broker/Realtor/Mortgage Associate Professional Realty Group/Verico Brokers for Life
Our housing market showed a dramatic drop in average July prices, but the average days on the market seemed to keep steady.
Last month, Morinville saw 19 single family homes and three condominiums sell at average prices of $344,094 and $214,633, respectively. This is a 10% decrease over June’s average single family home price of $382,353, and a 3.6% decrease over May’s. One year ago last month, the average price was 2.1% lower and was 15.3% lower in 2012. Price drops from June to July of any year isn’t considered abnormal, although a 10% dip might be a little more of a drop than always hoped for.
Meanwhile June’s quite high average price of over $380,000 is not normal at all. On the contrary, Morinville’s average home is now priced, as it often is, at 19.9% less than Edmonton and 22.6% less than St Albert’s. The average price in the whole of the Greater Edmonton Area in July was 19.4% higher, giving Morinville’s homes the title of a typical average home in the GEA.
Historically, at this time of year, Morinville homes take approx 55-65 days to sell. Last month, homes took 31 days to sell, which is a decrease of six days from June, 26 days less than in May, and 25 days less than in 2013. Keep in mind that the average home last month could be a completely different size and style than during other months. It took a Morinville home 10 days less to sell than an Edmonton home, and approximately the same time as St. Albert’s average home.
In July, the MLS system reported 1,602 new listings, and 1,092 units sold, giving us a 68% ratio in the Greater Edmonton Area. Morinville showed about the same ratio at 66%, showing our housing market again to be representative of an average home in the Capital Region.