Vital Home Realty Blog

The October market performed strongly. 12% more homes sold than last year. Average days on market was only 50 days and prices were stable.

Sales Prices

In October 2021, average sales prices were $380,000 which is about $2000 less when compared to October 2020. In my view this is not significant. Sales prices are tracking 6% UP when compared to 2020 as an entire year. 

Sales Volume

Last October there were 1030 total Edmonton sales registered. This year 1156 sales were registered. This is an increase of 12% over the year before. This confirms in my opinion the optimism and motivation that Edmonton home buyers possess, especially for single family homes. For the last 2 months of the year, we expect that sales volume will track the performance of last year’s market or may slightly surpass it, driven by strong interest in homes available for occupancy before Christmas. 

Days on Market

Buyers continued to boldly snap up homes in October after only 50 days on the market, compared to 51 days last year.

Average days on market for the entire year is tracking at 47days. This is impressive compared to last year when average days on market for the entire crazy Covid year of 2020 was at 58 days.

Outlook

At month end, total available inventory was 5379 homes & condos for sale, equal to an increase of 2%, compared to the end of October 2020.

Single family inventory numbers are now at 2920 equal to 139 fewer units below this time last year. Condos are still over supplied at 2459 units for sale, equal to 232 units UP over October 2020, but importantly way down from May 2021 when excess inventory peaked at 814 units above May 2020.

The Condo Market continues to carry excess inventory and as a result values will stay down in our view, for some time longer. However, as Covid passes and demand for downtown living or interest from out of market investors appears, the condo market should improve.

Buyers will be forced to pay full market value for single family homes and at the current time multiple offers are the norm for well positioned, well priced and well presented homes.

Look for our November 2021 report during the first week of December. Thank you.

About the author:

You can read more about the author of this blog by clicking this link – Stuart Neal Broker Owner & REALTOR^®.

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