by Stuart Neal
on Wednesday, October 6th, 2021 at 10:04am.
September was a surprise much like August this year. It started off slowly, but by month end, sales volume rose nicely and whilst it did not exceed last year’s numbers, sales volume for September easily surpassed market results for September 2019. Sales prices have moderated from the peak of spring and summer, but they remain well above values for the last 2 years.
In September 2021, average sales prices were $388,103 which is about 3% UP when compared to September 2020. In August 2021, prices were lower at around $383,000. During the last 3 to 4 months of the year we often see sales prices rally and September is certainly evidence of that.
Last September there were 1229 total Edmonton sales registered. This year and after a slow start, 1155 sales were registered. Not quite as impressive as last year, but considerably UP over 2019 when only 944 units were sold. For the last quarter we expect that sales volume will track the performance of last year’s market or may slightly surpass it, driven by strong interest in single family homes for sale and available for occupancy before Christmas.
Days on Market
Buyers continued to boldly snap up homes in September after only 45 days on the market compared to 51 days last year. This stat continues to prove the underlying confidence of home buyers across Edmonton.
Average days on market for the entire year is tracking at 44 days. This is very impressive compared to last year when days on market for the entire crazy Covid year of 2020 was at 58 days average days on market.
At month end, total available inventory was 5816 homes & condos for sale, equal to an increase of 7%, compared to the end of September 2020.
Single family inventory numbers are now at 3169, just 5 units above this time last year. Condos are still over supplied at 2647 units for sale, equal to 381 units UP over September 2020.
The Condo Market is still awash with inventory and values will stay down in our view, for some time, perhaps a year or 18 months.
Single Family prices may now moderate given that supply now matches levels seen last year. From January to August single family homes were in short supply when compared to last year.
Look for our October 2021 report during the first week of November. 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