First Quarter of 2020 Saw Single Family Homes Values Improve
by Stuart Neal
on Saturday, April 25th, 2020 at 4:48pm.
During the first quarter the market improved nicely for home sellers and Covid 19 had no impact whatsoever when the entire quarter is taken into account.
1512 single family homes sold in Edmonton during the First quarter of 2020. This is 35 fewer homes sold than last year and confirms the underlying demand for homes in Edmonton, despite the emergence of Covid 19.
Conditions swung mildly in favour of home sellers during the first quarter of 2020. Homes during the last quarter sold for only $2498 MORE than last year. Not amazing but certainly encouraging. This equates to about a 1% INCREASE in sales values.
Days on Market:
Buyers purchased 4 days FASTER when compared to last year. Average days on market was only 66 days.
Month End Inventory
Inventory continues to drop. At the end of the First quarter we had 443 FEWER homes for sale than for the same time period last year. Should this pattern continue price rises will be inevitable even if Covid 19 continues into 2020.
In March of 2020 there were 775 single family and condo sales registered on MLS compared to 840 in March of 2019. We will discuss the changes that Covid 19 has introduced in our next quarterly report.
We are also reporting weekly. See our other blogs for details.
All information was extracted from the Edmonton MLS® System. This report is provided for informational purposes only. We do not warrant or guarantee the accuracy of the information in any way. Readers are advised to complete their due diligence and should not necessarily take action based on the information contained herein.