Despite an unprecedented slow start to the year due to COVID-19, the Edmonton real estate market is in full swing. Current market statistics have revealed June to be a record month for home sales in and around the capital region.
According to the REALTORS® Association of Edmonton, the city’s total number of unit sales for June 2020 increased by over 13% compared to May 2019. What’s more, the recent easement of pandemic restrictions has resulted in a massive influx of buying activity – and a 77.27% increase in home sales from May 2020 to the end of June.
New listings are also on the rise, with month over month numbers increasing over 20% from the previous month and 16.57% from the previous year. While Edmonton’s inventory did see a slight decrease from June 2019 (15.91%), it did climb by 2.54% from May to June.
Sales Are Up, and Prices Are Down
As per the association, residential sale prices did slightly decline in June. However, there has been an increase in year-over-year unit sales. Recent numbers have also demonstrated more home sales than this time last year, despite COVID-19’s initial impact on the Edmonton real estate market.
Residential average prices are down to $360,179, a 1.54% decrease from June 2019, and up 1.76% from the previous month. Overall, listings averaged 59 days on market, the same year-over-year, and a seven-day decrease from May 2020.
Single Family Home Sales
While single-family homes sold for an average $423,184 (a 0.20% year-over-year decrease), prices remain relatively consistent with June of 2019. Sales are also up 11% from last year and a whopping 71.26% from the previous month (May 2020).
Single-family homes are currently averaging 54 days on market, remaining on par with 2019, which saw a 53-day average.
Condo unit sales increased 11.03% from June 2019 and 116.36.% from last month. To date, the average sale price is currently holding at $219,832 (a 7.57% increase from May 2020 and 7.57% decrease in year-over-year pricing).
Days on market also remained stable from 2019, at an average of 66 days.
Semi-Detached Homes / Townhomes
Currently selling at $329,377, duplexes experienced a near two and a half percent drop from last year and a 1.27% increase from May 2020. Like single-family homes and condos, days on market remains near-consistent with 2019, at an average of 66 days (up only two days from last year).
While the pandemic has made it harder to forecast future conditions, Edmonton real estate market experts are predicting home prices will experience another (modest) drop. As a result, the current buyer’s market is expected to continue over the next several months.
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