First Quarter of 2020 Saw Condos for Sale Drop by 54%

Posted by Stuart Neal on Saturday, April 25th, 2020 at 5:40pm.

Summary:

During the first quarter sales values declined but inventory levels dropped massively.

Numbers Sold:

628 condos sold in Edmonton during the First quarter of 2020. This is only 23 fewer condos sold than last year and confirms the underlying demand for condos in Edmonton, despite the emergence of Covid 19.

Sales Values:

Condo sales values went down compared to last year. Condos during the last quarter sold for around $2600 LESS than last year. This equates to about a 1% DROP in sales values.

Days on Market:

 

Buyers purchased 6 days FASTER when compared to last year. Average days on market was only 66 days.

Month End Inventory

Inventory continues to drop. At the end of the First quarter we had 996 FEWER condos for sale than for the same time period last year. This is equal to about a 54% DROP in condos for sale and extremely significant. Should this pattern continue price rises will be inevitable even if Covid 19 continues into 2020.

Outlook:

In March of 2020 there were 775 single family and condo sales registered on MLS compared to 840 in March of 2019. We will discuss the changes that Covid 19 has introduced in our next quarterly report.

We are especially interested to report what happens to the condo market.

We are also reporting weekly. See our other blogs for details.

About the author:

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

All information was extracted from the Edmonton MLS® System. This report is provided for informational purposes only. We do not warrant or guarantee the accuracy of the information in any way. Readers are advised to complete their due diligence and should not necessarily take action based on the information contained herein.

 

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