Morinville Real Estate Market Update July 2022
The Morinville market has softened in the face of higher mortgage rates and softer demand for housing.
Home sales in Morinville are down 22% vs. July of 2021 while the average time to receive a sale has increased 47% to 50 days. Home prices remain strong though, at an average of $349,000 and the average sale price remains largely unchanged at 97.9% of asking price.
The pressure on the market can largely be attributed to higher interest rates, increases in fuel prices for commuters, and general inflation increases. All of these factors are driving home buyers to more closely consider factors like drive time, availability of public transportation, and proximity to amenities.
Morinville remains a strong and stable community, with the impacts of these increase affecting it less than other satellite communities.