While sales of single-family homes in St. Albert dropped last month compared to previous years, prices were on the rise.
According to the latest Realtors Association of Edmonton (REA) report for the month of September, total sales across the capital region increased 5.72 per cent last month compared to in 2018. However, in St. Albert, sales of single-family homes dropped 14 per cent compared to 2018, from 57 to 49.
At the same time, the average price for homes in St. Albert increased by six per cent to $525,289 last month. The average selling price for a single-family home in the capital region in September was $420,406.
REA chair Michael Brodrick said overall the market remains relatively stable, but sales in St. Albert are down somewhat. However, because the market is smaller in St. Albert than the overall capital region, the numbers tend to look inflated when looking at percentages.
Looking at sales for single family homes in the first nine months of the year, they slumped slightly by 6.6 per cent compared to 2018.
As average selling prices for single family homes rose, average condo prices fell by 19 per cent to $206,273 last month year-over-year. Condominiums sold for an average of $217,665 in the Edmonton capital region.
From January to September this year, sales of condominiums dropped 14 per cent compared to the first nine months of last year.
Overall inventory in the capital region dropped 9.72 per cent last month compared to September 2018, which Brodrick said is a good thing and indicates some absorption.
“It’s really tough when there’s too much inventory out there. Sellers are either not getting the prices they want, or their property is sitting on the market for a long time. Now that we’ve seen some absorption, that’s really good,” he said.
“You need a certain amount of inventory, but we were at such high levels that less is actually better right now.”
In the capital region, single-family homes spent an average of 59 days on the market, a slight decrease by one day compared to last year. Condominiums were on the market for 67 days, down from 75 last year. Duplexes averaged 67 days, a three-day decrease from September 2018.
Real estate agents will look forward to seeing results of the Oct. 21 federal election and how it will impact the housing market. Brodrick said agents are pleased because most of the parties put forth housing ideas as part of their platform.
Many of them include adjustments to the mortgage stress test, and a focus on first-time buyers.
This year, both buyers and sellers need to be patient, Brodrick said, whether it’s a buyer trying to find financing or a seller who has been on the market for some time already.
“People just need to be aware the market is moving and sure, it may be taking a bit longer and prices maybe not be exactly what you want, but it is moving and people need to know it’s not the end of the world.”
