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The number of condos sold this year was about the same as in the first quarter 2018. However, most units were selling at a discount. Do we see light at the end of the tunnel? If inventory levels tighten up, yes we do.
Numbers Sold:
In total, 653 condos sold in Edmonton during the first quarter of 2019. This compares favorably with last year when 765 condo sold. A difference of 112 units sold. Whilst this proves the underlying demand for condo homes in Edmonton, it’s also lower than last year. Perhaps some potential condo buyers are purchasing a single- family home instead due to exceptional affordability at this time?
Sales Values:
For the first quarter condo homes continued to trade at a discount when compared to
The number of homes sold this year was about the same as in the first quarter 2018. However, most homes were selling at a discount. Do we see light at the end of the tunnel? If inventory levels tighten up, yes we do.
Numbers Sold:
In total, 1514 single family homes sold in Edmonton during the first quarter of 2019. This compares favorably with last year when 1674 homes sold. A difference of only 160 homes sold. This proves the underlying demand for single family homes in Edmonton.
Sales Values:
For the first quarter single family homes continued to trade at a discount when compared to last year. Most homes sold for about 6% LESS than last year, equal to an average discount of about $27,000.
Inventory levels have stayed lower for 2 consecutive months. If this pattern continues, we should see a turnaround later this year.
Month End Inventory:
Over the last 2 years we have witnessed a large excess of inventory. This is no longer the case. At the end of March 2019 there were only 2150 condo units for sale across Edmonton compared to over 2500 last year.
Numbers Sold:
251 condos sold in March 2019 compared to 290 units last year, a difference of only 39 units. We don’t see this as significant.
Days on Market:
Condo buyers in March 2019 continued to act with confidence and contracted in 74 days compared to 70 days in March 2018. Again, we don’t this as significant.
The number of homes sold this year was about the same as last year. However, most homes were selling at a discount. Do we see light at the end of the tunnel? If inventory levels tighten up, yes we do.
Numbers Sold:
In total, 625 single family homes sold in Edmonton during March 2019. This compares favorably with March 2018 when 692 homes sold. A difference of only 67 homes sold. This proves the underlying demand for homes in Edmonton.
Month End Inventory:
The days of excess inventory are behind us. At the end of March 2019 there was only 371 more homes for sale compared to last year. If this pattern continues then values will harden at some point.
The big news story here is that excess inventory is no more. There is now LESS inventory for sale than this time last year and days on market remains stable. Unless lots of new condo units come on stream this year, we expect values will start to recover by the end of the year.
Month End Inventory:
Over the last 2 years we have witnessed a large excess of inventory. That situation we appears to have been remedied. At the end of February 2019 there were only 1938 condo units for sale across Edmonton or 564 LESS units than this time last year. If this pattern continues, then the condo market is on the verge of a turnaround in Edmonton.
Numbers Sold:
217 condos sold in February 2019 compared to 247 units last year, a
For single family homes, sales values are still down, but sales volume is about the same as last year. Now that excess inventory has essentially disappeared, we can expect prices to rise soon.
Numbers Sold:
In total, 502 single family homes sold in Edmonton during February 2019. This compares well with February 2018 when 543 homes sold. A difference of only 41 units. The confirms how robust the Edmonton market is and that when it comes to residential real estate, the market will to a great extent ‘just keep chugging’.
Month End Inventory
Don’t let this graph fool you. At the end of February the excess inventory that we have faced this past 18 months was DEPLETED. At the end of February 2019 there was 3296 homes
Compared to last January, this past month did not project well. Around 370 homes sold. However, they took longer to sell, realized lower values and excess inventory is up. However, this may not matter. Read our outlook for details.
Numbers Sold:
On total just over 370 single family homes sold in Edmonton during January 2019. Unfortunately, this does not compare well with 2018 when almost 440 units sold.
Sales Values:
Home buyers in January 2019 were able to press their advantage and secure significant discounts when compared to last year securing (on average) about an 11% discount. One month is not enough to indicate a longer-term trend. For example, for the whole of 2018 prices dropped by about 1% compared to 2017.
December 2018 saw the Edmonton homes sales market slow but values held.
Sales Values:
As home buyers competed for homes in December and against the backdrop of lower supply, sales values rallied. On average, home buyers paid about 3% MORE than did home buyers in December 2017. Average sales prices were just over $367,000 in 2018, compared to approximately $357,000 in 2017.
Numbers Sold:
534 homes were sold in December down by 182 units sold in 2017. This suggests that despite the many very good deals on offer many buyers are sitting on their hands and waiting for a better time. This may be flawed thinking and they are likely to pay the same or more for homes in the mid to long term.
If you are ready to buy a home this could be the time to jump into the market. Prices have remained low this last 2 months. We don’t expect this trend to continue.
Sales Values:
Home buyers continued to push their advantage in November. Home buyers were able to secure deep discounts compared to this time last year. On average, home buyers paid $369,336 equivalent to a 4% discount over last year, although it should be noted that buyers paid premium prices in November 2017, to beat the lending rule changes coming into effect January 2018.
Numbers Sold:
750 buyers purchased homes in November 2018 down by 155 units last year. This suggests that despite the outstanding deals to be had, many buyers are sitting on their hands
The market definitely faltered in October. Against the backdrop of a very strong September, this is surprising. However, based on years gone by, we do expect November and December to be excellent months for home sellers.
Sales Values:
In October, it was home buyers that got the upper hand. Home buyers were able to push for noteworthy discounts. On average, home buyers paid $364,804 which is equal to 3% LESS than this time last year. It should be stressed that this pattern is not common. In general home values, particularly for single family homes, have remained robust throughout 2018.
Numbers Sold:
Sales volume was also down. In October this year 813 homes were sold down by 196 units for October 2017. Was it weather
