Housing sales in St. Albert were strong last year and realtors expect 2015 will be similar, though homes may move a little slower due to the drop in oil prices.
"The general attitude right now is that yes, there is a downturn but it's predicted to be a short-term downturn," said Guy Hébert, owner of Bermont Realty. "I think prices will probably stabilize, stay the same."
In 2014, about 1,000 single-family home sales took place in St. Albert, at an average cost of $463,791. Hébert expects the number of actual sales was even higher. But those sales won't show up in listings available to realtors because the homes sold privately within hours of coming on the market, he said.
The year started out similar to 2013, with only 37 single-family homes sold in January, at an average cost of $450,112, based on numbers by the Realtors Association of Edmonton.
February showed an increase in sales and prices, with sales continuing to go up from March to July, with the highest number of homes sold in May, at 103. Another 100 homes sold in June.
Compared to the previous year, sales volumes were slightly down, though. In May and June 2013, 110 homes sold during each month, with another 102 dwellings sold in July 2013.
Home sales dropped again in August 2014, to 71 single-family sales, and ended with low sales in December. Only 33 singles were sold that month. The later part of the year saw a slight increase in sales compared to the previous year, though.
Hébert said sales for inventory started to pick up later in the year as more people moved to the province and those who previously sold their old home started looking for a new property.
Sales were also up for homes valued over $1-million, he said.
"A lot of people were looking and if they could find it on the resale market for a good price, they were buying it rather than having it custom-built," he said.
Condo market
The market for condominiums is expected to stabilize this year. In total, 273 condos sold in St. Albert in 2014 at an average price of $276,677, compared to 278 sales a year earlier. Hébert expects demand for condos will continue into 2015 as more people are downsizing.
"Some of the people looking to sell larger homes are looking to buy condos rather than another single-family home," he said.
Condo sales surged mid-year in St. Albert, in the months of June, July and August, similar to 2013.
About 101 condos sold in those months, on average priced between $260,000 and $286,000. Sales surged again in October but remained below the previous year's sales volume. In 2013, sales for condos were strong throughout most of the year.
Cheryl Rolfe with ReMax Real Estate in St. Albert wrote in an email that sales and prices for real estate are expected to increase between one and two per cent this year. Interest rates are not expected to increase until the last quarter of 2015, which will continue to encourage first-time buyers.
