Benchmark and median prices for the City of Chestermere increased in February, while the average price dipped from the previous year.
The benchmark price of a typical home increased 9.6% from $441,300 to $483,800. Even with the nearly double-digit percent gain, the benchmark price remained below the 2011 February peak of $532,500.
The median price increased 2.8% from $442,500 to $455,000, but the average price was down -2.4% from $490,527 to $478,833. Average and median prices can be highly volatile and skew easily with a small sales sample. Speaking of which…
A total of 18 homes sold in Chestermere during February, a -44% drop from the previous year and below the 5 & 10 year average for the month.
A positive development was that new listings, after spiking 41% in January, eased in February and actually fell -4% year-over-year. This kept inventory stable, only rising by 5 from January.