In July, average sales prices moderated, and home sellers gave up some of the equity they gained during the late winter and spring market. This would be expected during a normal year and is line with earlier years. Days on market stayed low.

Sales Values


In July 2021, average sales prices were $391,086 which is about 6% UP when compared to July 2020. In June 2021, prices were higher at around $405,000. We have almost certainly seen the peak for the year, although prices may recover between September and December 2021. 

Sales Volume

Last July there were 1461 total Edmonton sales registered. This year only 1248 sales were registered which close to July 2019. Considering that the market has been ‘over performing’ all year, this should not be a 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 July after only 41 days on the market compared to 53 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 43 days. We anticipate that the market will perform at this pace for the rest of the year.

Outlook

At month end, total available inventory was 6242 homes & condos for sale, equal to an increase of 10%, compared to the end of July 2020.

Single family inventory numbers are now similar to this time last year. Condos are still over supplied at 606 units UP, (condo over supply in June was 722 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 moderate now that supply has improved, although we expect values to be stable.

Look for our August 2021 report during the first week of September. 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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