Condos a seller in December, and past year
Wednesday, Jan 08, 2014 06:00 am
Average sales for single-family homes in St. Albert dropped by 19.4 per cent in December, compared to the same month in 2012, the Realtors Association of Edmonton reported in their monthly housing bulletin.
St. Albertans sold 29 single-detached homes last month, compared to 36 in December 2012. The average selling price for singles was $560,814. In 2012 the price was $463,453. The median price for single-family homes in December of this year was $ 418,500.
Condo sales largely increased in December 2013.
Thirteen condo sales took place last month compared to five sales a year earlier. The average selling price was $230,492 with a median price of $219,000. The average selling price for St. Albert condominiums in December 2012 was $233,900.
Regional sales year in review
Sales of residential property in the Edmonton Census Metropolitan area were almost eight per cent higher in 2013 than in 2012, the association reported.
In total, 17,055 sales were reported last year, compared to 15,812 a year previously. In the region, 10,487 single-family homes sold, as well as 5,059 condominiums and 1,144 duplexes.
Compared to 2012, the number of single-family home sales had dropped though. Condos now make up 30 per cent of all sales, while singles take only 61.5 per cent of all sales (previously they made up 64 per cent.)
While more first-time buyers are purchasing condos as a way to get into the housing market, the association reported that there were also fewer lower-priced homes on the market.
This “pushed value conscious buyers up-market or into condos,” said association president Greg Steele.
“New home builders are trying to fill the void by building more condos and single-family homes at lower price points,” he said.
The association further reported that higher sales numbers in 2013 were driven by a strong labour market, low mortgage rates and stable prices.
The 12-month, all-residential average price in 2013 was $350,208. In 2012, the average was $341, 891. Median sales prices increased from $323,000 to $331,000 in 2013.
The average days-on-market was 53 days. At the end of the year, 3,049 properties remained on market.
Now that the holiday season is over, Steele added that listing and sales activity should pick up again.
“Buyers are urged to take advantage of the low mortgage rates while market conditions are favourable,” he said.
A comprehensive look back at St. Albert’s real estate market in 2013 and what to expect in the region in 2014 will be available in the Gazette’s Saturday, Jan. 11, edition.