• Edmonton Home & Condo Specialist
    Edmonton Home & Condo Specialist

Residential Unit Sales Up 54.27% from last month.

Edmonton, June 2, 2020: The REALTORS® Association of Edmonton reported great numbers in May with month-over-month, sales reached 1157, a 54.3% increase over April 2020 and year-over-year over all inventory decreased 18% from May 2019 and an increased of 7.22% from April 2020.


Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for May 2020 decreased 41.51% compared to May 2019. New residential listings are up month over month, increasing 58.83% from April 2020. Overall inventory in the Edmonton CMA fell 18.63% from May of last year.


For the month of May, single family home unit sales are down 38.70% from May 2019 and up 60.08% from April 2020. Condo unit sales decreased 54.47% from May 2019 and increased 28.14% from April 2020.


All residential average prices are down to $353,953, a 4.04% decrease from May 2019, and up 0.11% from April 2020. Single family homes sold for an average of $412,329, a 4.49% year-over-year decrease from May 2019, and a 0.52% increase from April 2020. Condominiums sold for an average of $204,365, a 14.20% decrease year-over-year, and prices are down 8.77% compared to April 2020. Duplex prices dropped 2.82% from May 2019, selling at $325,252, which was a 1.38% decrease from April 2020.


“The Edmonton market experienced a significant decrease in year-over-year unit sales, with some downward impact on pricing,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “Of course, with COVID-19 and the social distancing measures currently in place, this type of market decline is not surprising. There have been significantly fewer sales of single family homes, condos and duplexes than in May of last year. Residential unit sales in May rose sharply relative to April. With COVID-19 restrictions slowly being lifted, I am cautiously optimistic that the market may be starting to move back toward normalized levels of activity. It is too early to draw any definitive conclusions but we will be monitoring developments closely.”


Single family homes averaged 60 days on the market, a seven-day increase from last year. Condos averaged 77 days on the market, an eight-day increase from last year, while duplexes averaged 63 days on market, a seven-day decrease compared to May 2019. Overall, all residential listings averaged 66 days on market, a 10% increase year-over-year, and increased by two days compared to the previous month.
REALTORS® Association of Edmonton.


  • Copyright 2020 by the REALTORS® Association of Edmonton. All rights reserved.

New CMHC Rules

Effective July 1, 2020, The Canada Mortgage and Housing Corp. (CMHC) says it will no longer allow home buyers to use borrowed funds for their down payment, will require a higher credit score from at least one borrower and will lower the threshold for how much debt applicants can carry compared to their income. CMHC’s new debt-ratio policy will lower home buyers’ purchasing power roughly 11 per cent compared to what would have been able to buy before the new rules. 

The last time that CMHC made changes to the qualifying rules we had the busiest January we saw in a decade. 
What this means to the Edmonton real estate market is that it is going to be VERY BUSY up to July 1st.


With the relaunch of hosting open houses we see another example of how well we are doing with keeping the Covid numbers way down and I want to thank everyone for doing your part. If you have any questions about the forecast, or specific questions about buying or selling an Edmonton condo or home, please feel free to reach out to me via email or call me direct. It is never too early to get prepared for a successful sale or purchase.


We are here to help!


Alison Murray, B.Comm, REALTOR
REMAX REAL ESTATE
C. 780.619.9812
E. Alison@infoEdmonton.ca

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When you are thinking of selling your home this spring, you may be considering, “What should I look for in an Edmonton Realtor?” The National Association of Realtors (NAR) conducted an in-depth survey that provides insight to help you prioritize what you should be looking for.  As well, please compare my personal experience from 15 years of successfully selling Edmonton homes and the research – I consistently sell 95% of all the homes I list.

In order of most important, here are the requirements that sellers look for in their Realtors.

#1) Sellers need their Realtor to find a buyer for their property – 28%.

Having their Realtor find a buyer for their home is the #1 priority for sellers. Currently the Edmonton real estate market has high inventory of many homes for sale, which puts sellers in competition for fewer buyers.  Finding an  Edmonton real estate agent that will market your home is critical for targeting the right buyer.  

In addition to showcasing your home on high ranking national and international web sites, we use invovative marketing strategies that include high-tech services professional social media that targets specific demographics in a geographic location to reach buyers. Within the first 48 hours of advertising a property, your home will receive approximately 7, 000 views and 1,600 clicks directly to the property details on Alison’s web site from people nearby who may be interested in your property. These online views result in buyers contacting Alison to view your home.

Other marketing services that are also of no extra charge to our clients are professional HDR photography (including twighlight photography), professional community Youtube videos, and 3D walk throughs.

#2) Sellers need their homes sold in a certain timeframe – 27%.

Some sellers may have more time than others to get their homes sold, but everyone has a timeframe.  The success of having your home selling sooner or later is highly related to the expert services your Realtor provides.

#3) Sellers would like their property accurately priced – 17%.

Home sellers don’t want an exaggerated listing price, but instead want a comprehensive market analysis along with honesty on how different price points will produce different results. It is important to find an experienced Edmonton Realtor who knows your area and product, and has the knowledge to accurately and competitively price your home.

#4) Sellers would like suggestions to fix up their home for a higher return – 12%.

With so many homes for sale in the Edmonton market, it is critical that your property looks its best. A Realtor who has a unrivaled eye for detail and a network of professionals, will ensure your home looks attractive to your target audience. This will greatly increase your chances of attracting a qualified buyer and selling your home faster, often for more money.  We agree that having your property look its best is a MUST. We offer a range of preperation services for your home such as expert guidance with improvements, decluttering, interior decorating, partial or full staging, and virtual staging.

#5) Sellers require assistance with paperwork, inspections and settlement – 7%.

There are many situations where details can fall through the cracks if your realtor lacks experience or is too busy. A good example is with the handling of the buyer’s conditions to the sale including a thorough condo document review and inspection. Buyers more often than not have questions and concerns with these items therefore having a Realtor who is competent and available (not spread too thin with too many clients) to deal with these items is important to the completion of your sale.

#6) Sellers would like their Realtor to negotiate and deal with buyers – 5%.

It was surprising that this did not come higher on the list. If your Realtor snags a buyer because they did a great job with preparing your home, pricing your property correctly and marketing it effectively, but lacks the EXPERIENCE, KNOWLEDGE, SKILL and TIME to help with negotiation, you could lose the only good offer you had while your property was in the market, or leave money on the table.

What does this mean for sellers in the Edmonton real estate market?

According to the research, home sellers value marketing strategies that bring buyers, preparing your home for sale, solid pricing, and the ability to handle any conditions and negotiations.  This research can serve as a useful guide in today’s housing market.

As an Edmonton Realtor, I consistently sell all the homes that I list every year (Edmonton Realtor’s Association Sales-to-Listing Ratio of 31% for 2018).  We would be committed and honoured to help you sell and/or purchase your home.

https://infoedmonton.ca/home-evaluation.html


Alison Murray, BCom
Remax Real Estate

Alison@infoEdmonton.ca
780-619-9812

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 “2018 Profile of Home Buyers and Sellers” conducted by The National Association of Realtors.

Inspired by James Kimmons’s article “What Sellers Want from Their Real Estate Agent

Copy Right Alison Murray 2019

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Copyright 2020 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.