This is very eye opening. I am seeing and expect numbers to be even stronger for July. Stay tuned!
Welcome to another instalment of spring real estate in the Edmonton and Area. Sales are up. I have a few ideas why. I have written about 20 offers in the last 3 weeks in the Edmonton and Area (Sherwood Park, St. Albert, Fort Saskatchewan, Spruce Grove, and a bunch of Edmonton communities). I have been doing lots of house shopping lately and have a strong feel for the real estate pulse. Quality homes quality prices are getting tons of action. In fact I have been in 7 multiple offer situations recently.
My first guess is everyone who wanted to buy in March-May decided to take a break and see how things would unfold with the current health and economic climates in our market. This makes a lot of sense to me as some of my recent buyers are those who did exactly that. I also think this is a lot of folks who want to move (sell their homes) before any other changes in the market price and economic factors. Mortgage rates are as low as they have ever been. Just did a bunch of deals between 1.99 – 2.29%! (Mortgage Calculator – Mortgage Broker) Finally, there is a bunch of folks I have been dealing with that are selling their home as fast and cheap as possible to hedge their position in case things do drop in the fall/winter going into 2021. Either way people are buying. Do not be fooled though, there are properties that are very difficult to sell. No more important of a time to call me to discuss your market.
Check out the Realtors Association of Edmonton’s most recent update on real estate stats. Tells the story.
Residential Unit Sales Up 77.27% from last month. | RAE July 3, 2020
Edmonton, July 3, 2020: Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for June 2020 increased 13.69% compared to June 2019 and increased 77.27% from May 2020. The number of new residential listings is up year over year, increasing 16.57% from June 2019. New residential listings are up month over month, increasing 20.22% from May 2020. Overall inventory in the Edmonton CMA fell 15.91% from June of last year but increased 2.54% from May 2020.
For the month of June, single family home unit sales are up 11.16% from June 2019 and up 71.26% from May 2020. Condo unit sales increased 11.03% from June 2019 and increased 116.36.% from May 2020.
All residential average prices are down to $360,179, a 1.54% decrease from June 2019, and up 1.76% from May 2020. Single family homes sold for an average of $423,184, a 0.20% year-over-year decrease from June 2019, and a 2.63% increase from May 2020. Condominiums sold for an average of $219,832, a 7.57% decrease year-over-year, and prices are up 7.57% compared to May 2020. Duplex prices dropped 2.49% from June 2019, selling at $329,377, which was a 1.27% increase from May 2020.
“The Edmonton market prices have declined in June, however there has been a slight increase in year-over-year unit sales,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “There have also been more sales of single-family homes, condos and duplexes compared to June of last year. Single family home pricing decreased 0.20%, duplexes are down 2.49%, and condos are down 7.57% year-over-year.”
Single family homes averaged 54 days on the market, a one-day increase from last year. Condos remained stable at 66 days on the market while duplexes averaged 64 days on market, a two-day decrease compared to June 2019. Overall, all residential listings averaged 59 days on market, the same year-over-year, and decreased by seven days compared to the previous month.
https://realtorsofedmonton.com/web/RAE_Public/Market_Statistics/Monthly_Market_Stats.aspx