by Stuart Neal
on Friday, July 2nd, 2021 at 11:59am.
In June, average sales prices moderated and came down just a touch and as expected. Sales volume however continued to surprise with record sales numbers. Days on market stayed low, compared to last year.
In June 2021, average sales prices were $404,467, 12% UP when compared to June 2020. In May 2021, prices were a tad higher at $405,047. Have we seen the peak for the year? I would expect prices to moderate with the possibility of a second ‘mini peak” during the last 3 to 4 months of the year.
Last year there were 1370 total Edmonton sales registered in June. This year, June 2021 confirmed record breaking activity with 1507 sales registered. I expect to report a gradual drop off in activity over the summer, with the possibility of an uplift during the last 4 months, as home buyers start to plan for a ‘pre-Christmas’ move.
Days on Market
Buyers snapped up homes in June after only 37 days on the market, down from 32 days in May.
Average days on market for the entire year is tracking at 44 days. I anticipate that the market will perform at this pace for the rest of the year.
At month end, total available inventory was 6217 homes for sale, equal to an increase of 7%, compared to the end of June 2020. However, the surplus is driven largely by an over-supply of condos.
Single family inventory is still lower than last year by 344 units, whilst Condos are 722 units UP, (condo over supply in May was 814 units).
The Condo Market is awash with inventory and values will stay down in my opinion, for some time.
Single Family is strong because inventory is low and demand is high. Values should be robust.
Look for my July 2021 report during the first week of August. 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