March real estate activity down from last year
Saturday, Apr 05, 2014 06:00 am
Average sales for single-family homes in St. Albert dropped by 12 per cent in March, compared to the same month in 2013, the Realtors Association of Edmonton reported in their monthly housing bulletin.
St. Albertans sold 79 single-detached homes last month, compared to 90 in March 2013. The average selling price for singles was $486,000. In 2013 the price was $459,000. The median price for single-family homes in December of this year was $441,000.
Condo sales slightly increased in March 2014.
Twenty-three condo sales took place last month compared to 25 sales a year earlier. The average selling price was $265,000 with a median price of $245,000. The average selling price for St. Albert condominiums in March 2013 was $246,000.
Strong sales in region
The association reported that the regional housing market is poised for a very active spring season.
In the first quarter of the year, total sales in the region were up 5.8 per cent compared to the same period in 2013. Between January and March, more than 3,679 sales took place compared to 3,478 in 2013.
Single-family home sales were up 5.1 per cent compared to last year, and condo sales rose by 11 per cent. Realtors association president Greg Steele said he expects sales will increase even more in the coming months.
“This year-over-year increase is an indicator of the high demand for housing in this market,” he said. “Price rises will follow the demand and we can expect active competition for desirable properties.”
Listings rose by 3.9 per cent in the first three months of the year. There were 6,324 residential properties listed between January and March of this year, compared to 6,088 last year.
Nonetheless, inventory levels remain low due to strong sales activity. At the end of March inventory was down 6.9 per cent at 4,413 residential properties compared to a year earlier.
The turn-around time on sales was 44 days in March, down from 51 in March 2013.