Metro Edmonton Half Year Market Report for month ending June 2020

Posted by Stuart Neal on Monday, July 6th, 2020 at 8:19pm.

 
Many of you will be wondering how the Covid 19 health crisis has affected our market and we are pleased to publish the following results.

There is always a market in the larger centres like Edmonton and despite a one off incident like Covid 19, over 4,800 home buyers decided to take the plunge and purchase a home equal to an adjustment of about 18%.

Buyers have been able to negotiate with many worried home sellers and on average home buyers were able to secure a discount of about 5% compared to last year. To many people this will come as a surprise. Many people we talk believe that values have dropped by much more.

It’s taking about a week longer to sell than last year. Not that significant.

At the end of June, there were 5829 homes and condos for sale across Edmonton, which is 911 fewer units than last year and equal to a reduction in inventory of 14%.

Please note sales volume for June when we saw 1370 homes sold. This is 106 units MORE than 2019 and 126 units MORE than 2018, reflecting perhaps pent up demand after the scare in April when sales activity dropped off steeply.

Jan to June

# Homes Sold

Days on Market

Average Price Paid

2020

4785

63

$356,885

2019

5810

59

$374,716

2018

6125

56

$379,720

 

 

Outlook

We expect demand to stay reasonably strong, inventory levels about 14% down on this time last year and attractive interest rates we anticipate that the metro Edmonton market will stay reasonably stable for the next 6 to 12 months after which time we may see some slow growth and appreciation in values.

For more details and specific information about the communities that interest you, please call the office at 780-760-2014 or email us Team@AmbergateRealtyAdvisors.ca

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 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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