January residential sales jumped 21 per cent from the same month last year. (File photo by THE CANADIAN PRESS)

Home sales climb in January in Central Alberta

224 residential properties sold

Central Alberta saw a spike in home sales in January to reach the highest level for the month since January 2014.

Sales reported through the MLS System of the Central Alberta Realtors Association shot up 21.1 per cent compared to the same month last year.

A total of 224 residential properties were sold.

Realtors Association president Mike Snell said the sales show buyer confidence is building.

“I have felt over the past little bit in 2017 we were starting to see an increase in sales and that there’s more activity that’s starting to happen. I definitely feel that things are improving,” said Snell on Thursday.

He said some of the January sales would have been homes that were relisted after not selling in the fall or winter. People usually take the Christmas break off. Some may have sold for a lower price, but not all.

There were 720 new listings, up 12 per cent from January 2017.

Mortgage and interest rates changes may also have boosted sales, he said.

The value of all home sales was $65.4 million, up 15.4 per cent from January 2017.

Snell said three expensive homes sold in January 2018 compared to one in January 2017. That made it look like prices went up, but they didn’t.

“I find it can be very misleading.”

The average home price was $292,165.

With 3,032 active listings at the end of January, it was the highest level of inventory at this time of year since 2011.

Inventory was up five per cent from January 2017.

Sales of all types of property in Central Alberta totalled 244 in January. That’s up 20.8 per cent from January 2017. The value of all property sales came to $78.2 million in January, an increase of 18.5 per cent.



szielinski@reddeeradvocate.com

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