Home sales across the Edmonton region continue to drop while prices remain stable.
The regional housing market is impacted by falling oil prices and slower migration, the Realtors Association of Edmonton said in a news release. But the association expects buyer confidence to return.
For now, sales numbers are still higher than 2011, said association president Geneva Tetreault.
“It is unlikely that anyone would call 2011 a bad year for housing sales. It’s just in comparison to last year, we are not quite as busy,” she said.
St. Albertans sold 68 single detached homes last month, compared to 87 in April 2014. The average selling price for singles was $488,817, an increase of $19,314 from last year.
Condo sales also dropped year-over-year. Nineteen condo sales took place last month compared to 27 a year earlier. The average selling price for a condo in April was $265,695, down $22,055 from last year.
In the Edmonton region, sales were also down.
Single family sales were down 13 per cent, to 1,001 from 1,147 in April 2014. The average selling price for a single was $438,641, up two per cent from last April. Condo sales took the biggest hit. Only 432 condos were sold, down 20 per cent from last year. Condos sold for $252,935, up 0.2 per cent from last year.
New listings in April were up 11 per cent from last year at 3,298. Average days on market were 44, compared to 42 in April 2014.
A recent assessment of Canadian housing markets shows that risk factors such as overheating, acceleration in house prices, overvaluation, and overbuilding are unlikely in the Edmonton region.
The economic situation in Alberta is expected to slow price growth in 2015, the report by the Canadian Home and Mortgage Corporation said. But the realtors association expects the market to remain stable.
“The average Edmonton single family home still remains one of the most affordable among major Canadian cities,” said Tetreault. “Prices are stabilizing and inventory is robust. We will continue to see increases in sales as we move into the selling season.”
For a closer look at the St. Albert housing market and expected sales trends for 2015, look for Saturday’s St. Albert Gazette.
