by Doris Jolicoeur, CD, ABR, CCSP
Associate Broker/Realtor/Mortgage Associate
Professional Realty Group/Verico Brokers for Life
Well, it seems that we are past the summer market “break” and prices are back up to where they were in June for both Morinville and the whole of the Greater Edmonton area. Although it seems it takes much longer to sell at this higher price.
Last month, Morinville saw 18 single-family homes and four condominiums sell at average prices of $383,483 and $246,200, respectively. This is a huge 8.6% increase over August’s average single home price of $353,260, and an 11.4% increase over July’s. A year ago last month, the average price was 30.3% lower and 27.1% lower in 2012. Morinville’s average home is now priced at 11.2% less than Edmonton and 22.3% less than St Albert’s. This is quite the tightening of the “gap”, as in most recent months you’d save about 18% buying in Morinville over Edmonton. The average price in the whole of the Greater Edmonton Area in September was, right along the same as Edmonton proper at 12% higher.
Morinville homes took 58 days to sell, which is a decrease of three days from August, two days longer than in July, but they took 41 less days to sell than in 2013. It took a Morinville home 16 to 18 days longer to sell than average Edmonton and St Albert homes.
In September, the MLS system reported 1337 new listings and 967 units sold giving us a 72% ratio in the Greater Edmonton Area. Morinville had an incredibly high ratio of 90% with three homes listed during the month actually sold within the same month.