In December, sales volume stayed strong and for the most part sales values held well too. With strong buyer demand and lower inventory, we anticipate brisk activity during the first quarter of 2021.
In December 2020, average sales prices were $359,000 compared to $368,000 last year (when values spiked) and around $358,000 in 2018. Prices have strengthened since March and we anticipate that they will remain higher, heading into 2021. Despite the effects of Covid 19, sales prices beat the previous year’s values in August, October and November. However, the drop in values in March had an impact on the year. Average prices across 2020 were $365,000 compared to $378,000 in 2019, a price adjustment of about 2% down.
Days on Market
From July on, the 2020 market outperformed the previous 2 years by some margin. This confirms the confidence that buyers have in Edmonton and of course pent-up demand.
Buyers have been snapping up homes very quickly. Average days on market in December was only 60 days, compared to 72 days in 2019 and 69 days in 2018.
Last year there were around 564 total sales registered in December and here we are at month end with 626 units reported sold, equal to around plus 111% of last year’s sales volume.
Total Edmonton homes sales in 2020 year equaled 11,077 units compared to 11,397 in 2019 and difference of only 320 fewer sales. Incredible, taking into account Covid 19.
In fact, sales volume figures for 2020 surpassed 2019 for 8 months of the year.
At month end, total available inventory was 4196 homes for sale, equal to a reduction 12%, compared to the end of December 2019 when 4773 units were available for sale.
My feeling is that against the backdrop of solid demand, low inventory and low interest rates, that the market will continue to perform strongly in 2021.
Look for my January 2021 report during the first week of February. 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
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