Local Realtors closed a record number of residential deals in 2014.
The Central Alberta Realtors Association has confirmed that the 5,496 Multiple Listing Service home sales completed last year was the highest tally ever for the region. The figure topped the 2013 total by 12.3 per cent, and marked just the third time that residential sales in Central Alberta exceeded 5,000 in a year.
The average price of the homes sold in 2014 was $313,510, up 5.1 per cent from the previous year.
However, supply could be limited going forward. The year ended with 1,753 active residential listings, which was down 10.8 per cent from 12 months earlier and the lowest inventory level since December 2007. It equated to enough homes to sustain the current rate of demand for just seven months.
2013 finished on a strong note, with 249 homes sold in December. That was up nearly 30 per cent over the same month in 2013, and marked the second busiest December ever.
The average price in December was $310,947, up 10.9 per cent from the same month in 2013. There were 322 new residential listings — up 39.4 per cent from a year earlier.
Across Alberta, year-over-year sales activity for December slipped 2.2 per cent.