by Stuart Neal
on Thursday, September 2nd, 2021 at 2:58pm.
August was a surprise. It started off slowly but by month end, sales volume rose comfortably and exceeded last year’s volume. Prices have moderated from the peak of spring and summer, but they remain above last year’s values.
In August 2021, average sales prices were $383,180 which is about 2% UP when compared to August 2020. In July 2021, prices were higher at around $391,083. We have almost certainly seen the peak for the year, although prices may recover between September and December 2021.
Last August there were 1070 total Edmonton sales registered. This year and after a slow start, 1172 sales were registered at the time of writing which is 10% UP on last year. Considering that the market has been ‘over performing’ all year, this is a pleasant surprise. We expect that sales volume will closely track the performance of last year’s market, from this point on.
Days on Market
Buyers continued to boldly snap up homes in August after only 44 days on the market compared to 50 days last year. This speaks to the underlying confidence of home buyers across Edmonton.
Average days on market for the entire year is tracking at 44 days. We anticipate that the market will perform at this pace for the rest of the year.
At month end, total available inventory was 6003 homes & condos for sale, equal to an increase of 7%, compared to the end of August 2020.
Single family inventory numbers are now 133 units below this time last year. Condos are still over supplied at 507 units UP, (condo over supply in July was 616 units).
The Condo Market is awash with inventory and values will stay down in our view, for some time, perhaps a year or 18 months.
Single Family prices will be stable now that supply has moderated. If Covid stays around they may even go up sharply, particularly if inventory levels drop further.
Look for our September 2021 report during the first week of October. Thank you.
Want more information about our full service affordable FLAT FEE home selling programs? Please feel free to call our broker owner Stuart Neal at: 780-760-2014 or visit our home sellers page www.FlatFeeRealtyAdvisors.ca