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House prices remain flat

While real estate prices remained mostly steady across the Capital region last month, St. Albert saw house prices nudge upwards.

While real estate prices remained mostly steady across the Capital region last month, St. Albert saw house prices nudge upwards.

The April figures for the region, compiled by the Realtors Association of Edmonton, almost mirror last month’s prices with only a slight decline.

The average price for all residential properties in the region was $327,415, down from $327,725, in March. The average home price took a slight drop, while the average condo price went up slightly.

St. Albert bucked the regional trend, with an average price of $434,987 for a single-family home in April, while in March it had been $417, 447.

Condo prices in St. Albert slid the opposite way, however, dropping to $260,593 in April from $261,313 the month prior.

Values have not matched what the market saw last year when a change in mortgage rules pushed prices up dramatically in what most realtors called a temporary blip.

Chris Mooney, president of the Realtors’ Association, said the moves are fairly slight and likely show that home prices will be relatively steady throughout the rest of the year.

“It makes it a really nice environment for it to be a buyer and I think maybe people are taking their time and weighing their options because there are options.”

With prices increasing only slightly, Mooney said anyone thinking about selling should know there’s no reason to expect significantly greener pastures ahead.

“The way the market is behaving right now, any changes we see over the next year or so should be quite subtle so it shouldn’t impact decision making.”

Mooney also pointed out that with the exception of investors, most people who get a higher sale on a home have to re-invest those proceeds in a new purchase.

Mark Cassidy, a realtor with Re/Max in St. Albert, said the inventory in the area is high, but that is fairly good timing as well.

“The highest proportion of buyers is always out there between May and July so we are going out into the strongest months of the year.”

Right now he expects home prices locally to stay even, but that would change if fewer listings came out.

“You are going to see that our prices will stabilize and will be stable right through to fall, but if our inventory keeps dropping that would be encouraging for home sellers.”

Cassidy said the most important thing a seller can do right now is price competitively and realistically.

The average number of days on the market for homes sold in April was 49.

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