Real estate sales relax as average price nudges upward
Saturday, May 10, 2014 06:00 am
Average sales for single-family homes in St. Albert dropped by almost 8.9 per cent last month, compared to April 2013, the Realtors Association of Edmonton reported in its monthly housing bulletin.
Eighty-two single-family homes were sold last month, compared to 90 in March 2013. The average selling price for singles was $463,000. In 2013, the price was $424,000.
Condominium sales also fell compared to last year.
St. Albertans sold 25 condos last month compared to 31 a year earlier. The average selling price was $276,000. The average price for condominiums in April 2013 was $262,000.
The realtors association reported that the average cost for single-family homes had dropped across the region, by more than $5,000 to $428,000.
But the all-residential price remained on the rise up 0.4 per cent from March and 4.5 per cent from a year ago to $265,000 this month.
Despite the slight drop in the cost of single-family homes, association president Greg Steele said high prices continued to add pressure on the affordability of homes in the market, and increased competition at the lower price end.
The Edmonton (area) is experiencing the highest job and population growth in Canada and that should continue for the foreseeable future, he said.
Entry-level buyers may have to be a little more patient or scale back their expectations to find the home they can afford.