Harsh January weather brought harsh real estate figures in St. Albert, where sales activity for single-family homes took a 29 per cent dip compared to the same month last year.
The plummet was even more pronounced — 45 per cent — in the condominium segment of the market.
Average prices took a dip, too, with single-family homes falling 10 per cent to $401,000 and condominiums slipping 4.7 per cent to $252,000.
"I think the weather had a huge impact. It certainly wasn't the same kind of January we had last year," said Lindsay Martin, associate broker and manager of St. Albert's Royal LePage branch.
This year is shaping up to be more in line with historical norms whereas the first quarter of 2010 was unseasonably busy in real estate, so looking back just one year isn't really a fair comparison, Martin said.
St. Albert inventory is currently sitting at 198 single-family homes and 78 condominiums, levels that Martin described as average. However, throughout the region the market is offering a lot of choice in condominiums.
"The prices are suffering a little bit on the condo market, in St. Albert as well as right across the whole Edmonton area," Martin said. "There's just a lot of them so buyers have so many to choose from."
St. Albert mirrors region
The entire Edmonton region posted a pronounced dip in January, with sales activity falling 21 per cent.
"Compared to last year we definitely had a slower January but overall I don't think it's much below average," said Chris Mooney, president of the Realtors Association of Edmonton.
The association feels positive about the economic fundamentals in the capital region and is projecting three per cent price growth in 2011, Mooney said. Right now the market is balanced, which is what industry insiders like to see, he added.
"You're not typically excited about things that are static but people in our profession are excited about the certainty of a stable market," he said. "It's easier to fulfil your buyers' and sellers' needs when both sides are fairly balanced."
