The average selling price of a single-family home in St. Albert took a dip in August but remained above 2009 levels, while condominium prices took a much larger hit.
The average price of a single family home was $419,000, down 3.2 per cent from the July average of $433,000 but up 3.4 per cent from the $406,000 posted in August 2009.
There were 57 single family homes sold in August, compared to 64 in the same month of 2009.
Sales activity and prices were down more substantially in the condominium market, where the average price in August was $244,000, a drop of 18.7 per cent from the $300,000 average posted in August 2009.
“There may have been more low end product selling. That’s going to skew your averages,” said St. Albert realtor Mark Cassidy.
There were just 16 condos sold in August, compared to 27 in August 2009.
There are currently 308 single-family homes and 124 condos on the St. Albert market. Both figures are down about 12 units from July.
Sales activity in St. Albert hasn’t slowed as much as in Edmonton and the average single-family price has held its own, Cassidy said.
“Edmonton has had a few really slow months and their inventory is picking up,” he said.
Throughout the Edmonton region, August marked a price softening for single-family homes for the second consecutive month.
“Despite the two month drop, single family homes are still priced a bit higher than they were at the same time last year,” said Larry Westergard, president of the Realtors Association of Edmonton.
Prices plateaued at just more than $388,000 from March to June, but came in at $372,000 in August.
Condominium prices dropped for the fourth consecutive month to $232,000, down 8.7 per cent from their April high point of $254,000.
“There may be bargains in the condominium market as prices are about $10,000 less than a year ago, on average,” Westergard said.
St. Albert, August stats
2010 2009 2008
Single family
Units 57 64 78
Average 419,472 405,873 415,484
Median 375,000 369,000 386,000
Condominium
Units 16 27 24
Average 244,017 300,307 286,621
Median 240,000 275,000 275,000
