Mid-August Market Report for Edmonton

Posted by Stuart Neal on Tuesday, August 18th, 2020 at 9:32am.

Many people will be surprised to learn that prices across Edmonton are around the same as last year and the year before. Since sales values slumped in March due to Covid 19, we have seen a steady recovery, but will it be sustained?

Sales Values

So far this August, average sales prices have been around $370,000 compared to $371,000 last year and around $375,000 in 2018. Prices have strengthened since March and we anticipate that they will remain stable for the balance of this year.

Days on Market

Home buyers have purchased quickly. Average days on market so far in August is only 54 days, compared to 62 days last year and 54 days in 2018.

Sales Volume

Last year there were around 1090 sales registered in August and here we are at mid-month with only 330 units reported sold.

This is a surprise and a disappointment. But with sales volume records being broken in June and July perhaps demand could not continue at the same kind of pace.

We don’t anticipate that volume will match last year’s result and may come in at about 700 units sold for entire month. Let’s wait and see!

Inventory levels remain low. At the end of July there was 862 fewer homes and condos for sale compared to last year, equal to a drop of 13%.

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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