I want to let everyone know I am here to help. My full service real estate brokerage can help you navigate these changing times in our real estate economy. With everything going on in the world I think this is a good time to share with everyone how the real estate market has been effected. We are still busy out there but the truth of the matter is: sales are down, listings are down, activity has slowed in the overall real estate economy (and of course the economy in general). With such a drop is sales we will see a trickle effect on pricing and future motivation for buying in selling. I am going to quickly break down a few markets from last month and will do this again in another month. Time to really watch what is going on. If you are looking to buy sell or rent contact me today for the right advice!
Why are we a full service real estate brokerage? Why do we handle rentals, buyers, sellers, investors, and builders? This is why!
We need to be able to adjust to changing markets. And believe it or not we are in a changing market right now. Being able to offer property management services to clients when houses are having a hard time selling. Place buyers in rental properties when they are waiting for the market to stabilize or for the right deal to come up is crucial. We can help you invest, build, sell and make proper business and investment decisions with your family.
Edmonton Real Estate: Sales down 4.48% from last year and prices down 3.75% from last year to $341,000 on all residential sales. Of course average days on the market has also increased. This is based on the Edmonton Realtors Association statistics for March 2020.
I will keep you posted on April 2020 (Coming Mid May 2020)
The rental market has been strong. Our vacant rate with Realty Executives Focus full service property management and all my investment clients actually dropped in March and if all goes to plan will be even lower in April. With many people uncertain about the real estate market – renting has become a popular choice.
RENT PAYMENT UPDATE: We are proud to say that out of about 200 rental properties we only have 3 properties that needed full assistance when dealing with employment loss during the COVID 19 pandemic. THANK YOU to all our hard working tenants. We did give lots of breaks on payment times and being a few days or weeks late but almost everyone is paid in full!
Realtors Association of Edmonton Update
Edmonton, April 2, 2020: Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for March 2020 decreased 2.59% compared to March 2019 and increased 10.31% from February 2020. The number of new residential listings is down year over year, decreasing 14.01% from March 2019. New residential listings are up month over month, increasing 7.72% from February 2020. Overall inventory in the Edmonton CMA fell 12.66% from March of last year but increased 5.75% from February 2020.
For the month of March, single family home unit sales are down 2.02% from March 2019 and up 13.59% from February 2020. Condo unit sales decreased 2.04% from March 2019 and increased 1.41% from February 2020.
All residential average prices are down to $343,951, a 3.78% decrease from March 2019, and down 1.97% from February 2020. Single family homes sold for an average of $404,344, a 4.64% year-over-year decrease from March 2019, and a 5.13% decrease from February 2020. Condominiums sold for an average of $218,613, a 2.50% increase year-over-year, and prices are up 2.87% compared to February 2020. Duplex prices dropped 6.28% from March 2019, selling at $313,443, which was a 2.62% decrease from February 2020.
“The Edmonton market prices have declined in March and we saw a slight decrease in year-over-year unit sales,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “Of course, with the outbreak of a global pandemic and a hard hit to Alberta’s oil and gas sector, this type of market slowing is not surprising. There have been less sales of single family homes, condos and duplexes than in March of last year. Single family home pricing decreased 4.64%, duplexes are down 6.28%, and condos are up 2.50% year-over-year.”
Single family homes averaged 54 days on the market, a six-day decrease from last year. Condos saw an eleven-day decrease at 66 days on the market while duplexes averaged 68 days on market, a three-day increase compared to March 2019. Overall, all residential listings averaged 60 days on market, a 9.09% decrease year-over-year, and decreased by fourteen days compared to the previous month.
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