Average sales for single-family homes in St. Albert dropped by 5.7 per cent in May, compared to the same month last year, the Realtors Association of Edmonton reported this week in their monthly housing bulletin.
St. Albertans sold 99 single-detached homes last month, compared to 105 a year earlier.
The average selling price for singles was $471,826. In 2012, the price was $409,762.
The median price for single family homes in May of this year was $426,500.
Condominium sales fell by 27 per cent compared to May 2012.
Twenty-four condo sales took place last month, compared to 33 a year earlier. The average selling price for a condo was $254,169, with a median price of $237,250.
The average price for a condo in May 2012 was $262,439.
The report said housing sales activity in the overall Edmonton Census Metropolitan Area slowed in May.
Sales of single-family detached homes were down by 14.4 per cent, while condo sales were up by 4.9 per cent compared to May 2012.
“There is a lot of activity in the real estate market at this time of year but some buyers are having difficulty finding their perfect home,” said Darrell Cook, president of the association.
“While inventory levels are rising they are still below traditional norms and there is a shortage of attractive (single family detached homes) inventory available at the lower priced end of the market.”
Cook added that some first time buyers “may have had to buy in the condo market where they can still find a home in their price range.”
While average prices for singles were up due to increased activity at the higher end of the market, Cook said prices for condos were down thanks to a variety and number of options in that housing sector.
The average days-on-market for residential property was down to 45 days and the sales-to-listing ratio was 53 per cent in May.
