Balance is returning to the housing market according to new statistics released by the Realtors' Association of Edmonton this week.
Across the region, the average price was down from more than a year ago by 4.6 per cent at $327,725, a single family home was down 2.6 per cent to $378,912 and the average condo price was down 7.5 per cent to $232,706.
Chris Mooney, president of the association, said those numbers are slightly misleading, explaining March 2010 was an odd month because of mortgage rules that changed, subsequently skewing the market.
"I wish last year never happened because it was a blip in our annual trending market based on those announcements we made last year," he said. "We had a lot of premature growth in our market so that lead to a really slow summer and fall."
The average price was up for both homes and condominiums from February and January of this year, which Mooney said is more significant.
He said the market is in really good shape for both buyers and sellers.
"We have reasonable prices, we have moderate upward trending and we have reasonable inventory," he said. "Right now we have a really nice average price and more importantly a really good inventory."
There were 2,960 homes on the market across the region in March with 1,503 sales. The average home spent 50 days on the market.
March 19 marked the end of 35-year mortgages with government backing, but Mooney said that had no effect on the overall housing market.
"Nothing that the Bank of Canada did affected anybody's desire necessarily to buy something but it did affect what they bought."
Local numbers
The numbers in St. Albert showed the local market also cooled off compared to last year with an average home price of $417,447 down from an average in March 2010 of $460,630. Condo prices also slid from $272,393 in March 2010 to $261,313.
Local realtor Jill Thomas said she has found a strong market locally, but it is also balanced and a well-priced home will have no trouble selling.
"They still have to be well-priced. People are still shopping around," she said. "People must not think that the market is strong and I could put my price up."
Thomas said she was surprised the average price was as high as it was. In her experience, it was closer to $390,000.
She also said the 35-year mortgage change has had no effect locally and she is personally pleased to see the government phase them out.
"I thought that mortgage change was better because I don't like the 35-year amortizations," she said. "If you are having to use a 35-year amortization, you are never going to get any equity into your house."
