Condo prices climb in St. Albert

Sales are down, but prices remain strong in St. Albert’s residential real estate market.

In July, prices stayed stable for single family homes.

At $504,426, single family homes experienced an increase in average price of more than three per cent over the previous month and more than two per cent over the last year.

Realtors Association of Edmonton chair Steve Sedgwick attributed the average price increase to the strength of high-end home sales.

“When we look at the median price of residential properties, we see a clearer picture of what is happening to prices,” he said. “The median sales price for all residential is up less than a per cent from last year. We are continuing to see strong stable pricing throughout the Edmonton region despite slow sales.”

Median prices for St. Albert’s single-family homes have risen slightly.

While single family home pricing echoes what is taking place in the greater Edmonton area – median prices for single family homes in St. Albert have risen only 0.4 per cent over 2015 – condos are a different story.

Condos in St. Albert sold for an average of $291,000 – up 5.98 per cent over June and 2.3 per cent over 2015.

The median price for a condo was up 17.4 per cent over last year and 5.9 per cent over June – and at $290,000, was not much different than the average selling price.

Home and condo sales were down last month, with only 68 single family homes and 21 condos sold in July.

While a slowdown in July is typical, says Sedgwick, “there is no question that the pace and volume of sales has dropped.”

St. Albert saw a 35.8 per cent decrease in single-family home sales when compared to the previous month and a 26.9 per cent drop when compared to last year. Condo sales suffered a 40 per cent reduction in sales over June and a 22.2 per cent decrease over 2015.

“The positive side,” says Sedgwick, “is that there continues to be a good selection for buyers.”

Last week’s real estate update by John Carle at Re/Max Real Estate shows there were 30 new listings and 419 active listings in St. Albert for the period between July 31 and Aug. 6, 2016.

Source: St Alberta Gazette