Pent-up demand, and home is more important than ever: Residential Unit Sales up 35.55% compared to September 2019.
Most buyers who had planned to purchase in the spring put their plans on hold during March, April and May. More people are now becoming comfortable resuming their search, due to lifting restrictions, more safety precautions, and 3D home tours. Due to the pent-up demand and record low interest rates, the Edmonton real estate market saw an increase in sales this summer, which carried right into September.
While the market hasn't yet settled into a 'new normal', and the pandemic has had a severe impact on oil prices and employment, spending time in a home you love is more important than ever.
Good news: The numbers of purchases are back in line with previous years. However, some sub-markets have varied with pricing from last year.
See the full REALTORS Association of Edmonton report below for September's stats.
Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for September 2020 increased 35.55% compared to September 2019 and decreased 0.21% from August 2020. The number of new residential listings is up year over year, increasing 10.37% from September 2019. New residential listings are up month over month, increasing 5.90% from August 2020. Overall inventory in the Edmonton CMA fell 15.15% from September of last year and decreased 4.04% from August 2020.
For the month of September, single family home unit sales are up 42.79% from September 2019 and stayed the same as August 2020 at 1,188. Condo unit sales increased 7.26% from September 2019 and decreased 2.21% from August 2020.
All residential average prices are up to $376,571, a 7.14% increase from September 2019, and up 0.54% from August 2020. Single family homes sold for an average of $440,020, a 4.73% year-over-year increase from September 2019, and a 0.11% increase from August 2020. Condominiums sold for an average of $232,237, a 6.74% increase year-over-year, and prices are up 1.34% compared to August 2020. Duplex prices dropped 0.89% from September 2019, selling at $340,519, which was a 0.58% decrease from August 2020.
“The Edmonton market has seen an increase in year-over-year unit sales, compared to a slight decrease in month to month sales,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “There have also been more sales of single-family homes, condos and duplexes compared to September of last year, while we’ve seen stable or decreasing month over month sales in all markets, which is typical for this time of year. Single family home pricing increased 4.73%, duplexes are down 0.89%, and condos are up 6.74% year-over-year.”
Single family homes averaged 47 days on the market, a twelve-day decrease from last year. Condos decreased to an average of 65 days on the market while duplexes averaged 52 days on market, a fifteen-day decrease compared to September 2019. Overall, all residential listings averaged 53 days on market, decreasing by 10 days on market year-over-year and one day compared to the previous month.
Edmonton, October 2, 2020:
|MLS® System Activity 2020
M/M % Change
Y/Y % Change
|(for all-residential sales in Edmonton CMA1)
|SFD2 average3 selling price – month
|SFD median4 selling price – month
|Condominium average selling price
|Condominium median selling price
|All-residential5 average selling price
|All-residential median selling price
|# residential listings this month
|# residential sales this month
|# residential inventory at month end
|# Total6 MLS® System sales this month
|$ Value Total residential sales this month
|$ Value of total MLS® System sales – month
|$ Value of total MLS® System sales - YTD
(REALTORS ASSOCIATION OF EDMONTON MEDIA RELEASE)
COVID-19 EDMONTON REAL ESTATE SERVICES
Edmonton Realtors are taking every precaution to minimize the risk of exposure as we continue to assist buyers and sellers. Here are some protocals and important information from Real Estate Council of Alberta (RECA) that we have passed on to our clients to .help reduce the spread of illness.
We have noticed a slowdown in the market over the past month and a half, but we are still working with buyers and getting offers. It is our priority to get your home sold and although volume is down, sales are still happening.
Showing Tips For Sellers and Buyers
1. Sellers and buyers are requesting health and recent travel information from potential buyers and their professionals before any showing to give the seller an indication of any risk. Buyers and sellers are obligated to either be truthful or simply decline to answer. Seller that they have no duty to show the property if they are uncomfortable with any presented risk* (RECA).
2. If you have become ill or must self-quarantine please inform your agent as soon as possible. In this instance, the Realtors Association of Edmonton requires a temporary withdrawal of your listing from the MLS system. A typical withdrawal would last 10 days, but we are allowing a longer temporary period. During a temporary withdrawal, the total “Days On Market” does not increase. The number of “Days On Market” will begin again once the listing is active again on the market. If you require a temporary withdrawal, please let your agent know so they can put together the necessary documents. (RECA).
3. Set out obligations and procedures for viewings and home inspections in writing.
4. We create a marketing video showing a tour of the house to reduce the number of viewings.
5. We offering a virtual video tour so that you can consider only allowing viewings for serious buyers.
6. Making viewings conditional on buyer’s and their representatives wearing nitrile gloves, masks, or the use of anti-microbial, alcohol-based hand sterilizer, depending on the availability of these items. Remember the viewing terms may be subject to negotiation between the parties, and may be impacted by the availability of gloves, masks, etc.
7. Please leave all lights on, blinds and window coverings open, and interior doors left open before a showing.
8. Please do not be present for showings.
9. Remember to disinfect all door knobs, and switches after the showing.
10. If your home is being photographed for listing purposes, please note that photographers will not proceed if the home owner is present. They also will not switch on any lights, lamps or fireplaces, or pick up or move any miscellaneous items left out. Homes will be photographed as-is, so please take extra time to prepare. Our stagers can walk you through the items that need to be addressed.
11. Real estate professionals should not enter into new seller representation agreements that include hosting of open houses until the risk of COVID-19 spread is reduced and government lifts COVID-19 restrictions (virtual open houses are not impacted by this) (RECA).
12. We use electronic signatures for signing documents.
13. You can conduct financial transactions and real estate closings electronically.
14. If in person meetings are required, maintain a safe distance of at least six feet (two meters) at all times for viewings and inspections:
a. take steps to limit the surfaces people will need to touch
b. require all visitors to wear gloves and masks, if available.
Please reach out if you’d like more information on how COVID-19 is affecting the Edmonton Real Estate Market. And please, stay strong and safe.
Alison Murray, B.Comm
Remax Real Estate
Realtors Association Edmonton real estate stats are out for the month of April 2020 and as expected we are seeing the effects of social distancing. Home sales and listings down amid COVID-19, new tools and practices emerge to help buyers and sellers adapt.
“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 the outbreak of 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 April of last year. Single family home pricing decreased 4.14%, duplexes are down 0.30%, and condos are down 2.42% year-over-year.”
Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for April 2020 decreased 55% compared to April 2019 and decreased 35.68% from March 2020.
The number of new residential listings is down year over year, decreasing 46.37% from April 2019. New residential listings are down month over month, decreasing 30.66% from March 2020. Overall inventory in the Edmonton CMA fell 19.65% from April of last year and decreased 0.15% from March 2020.
For the month of April, single family home unit sales are down 55.39% from April 2019 and down 34.53% from March 2020. Condo unit sales decreased 58.77% from April 2019 and decreased 42.01% from March 2020. Single family homes averaged 58 days on the market, a three-day increase from last year. Condos stayed the same as last year at 71 days on the market while duplexes averaged 74 days on market, a seven-day increase compared to April 2019. Overall, all residential listings averaged 64 days on market, a 6.67% increase year-over-year, and increased by four days compared to the previous month.
- All data from REALTORS Association of Edmonton
While selling activity has been cut in half, people are still buying and selling. We have also been spending this past month providing complimentary selling consultations and helping clients prepare their homes for sale. And over the past week we have seen dramatic increase on online views of our Google business page and property listings.
If you find yourself in a position where you do need to sell in the near future –we will do everything we can to navigate you through this time and together start developing a plan that best suits your needs and your specific property. With your best interest in mind, we will get in front of the market and get you the most out of your home.
We are here to help!
Alison Murray, B.Comm, REALTOR
REMAX REAL ESTATE
Edmonton’s housing market saw steady home buyer demand to begin March and a leveling off of activity as the month went on and concerns about the COVID-19 outbreak intensified.
Many of the sales recorded in March were in process before the provincial government declared a state of emergency.
“The Edmonton market prices have declined in March and we saw a slight decrease in year-over-year unit sales,” says Realtors® Association of Edmonton Chair Jennifer Lucas. “Of course, with the outbreak of a global pandemic and a hard hit to Alberta’s oil and gas sector, this type of market slowing is not surprising. There have been fewer sales of single family homes, condos and duplexes than in March of last year. Single family home pricing decreased -4.64%, duplexes are down -6.28%, and condos are up +2.50% year-over-year.”
The Realtors Association of Edmonton reported that all residential home sales
in the region Edmonton Census Metropolitan Area (CMA) for March 2020 decreased -2.59% compared to March 2019, and increased +10.31% from February 2020. For the month of March single family home sales were down -2.02% from March 2019, and up +13.59% from February 2020. Condo sales decreased -2.04% from March 2019 and increased +1.41% from February 2020.
All residential average prices
were down -3.78 % from March 2019, and down -1.97% from February 2020. Average single family home prices saw a -4.64 % decrease from March 2019, and a -5.13% decrease from February 2020. Condominiums sold for an average of $218,613, a +2.50% increase year-over-year, and prices were up +2.87% compared to February 2020.
- All data from REALTORS Association of Edmonton
Realtors were named among the province’s list of essential services. This means that we have a responsibility to do what we can to help residents meet their housing and shelter needs while strictly following the most up-to-date public health orders and physical distancing requirements from our health officials and government agencies. We are trying to work with them to address these needs in the safest and most responsible way possible with home buying and selling protocols.
With physical distancing, it is important to minimize visits to your home in order to minimize the risk of infection for you and others. The following are recommended options from the Real Estate Council of Alberta (RECA) and Alberta Health Services for you to consider:
- using video or 3D tours to create a virtual viewing opportunity in lieu of having an open house, or to limit viewings to serious buyers
- screening potential buyers before scheduling viewings—ask about their health and recent status to determine the risk
- placing conditions such as a need to wear masks and gloves
- create a plan for disinfecting your home after every showing
Every buyer and sellers’ situation is different. If you are planning on making a move in the next year, please contact me directly with any questions you have. As a REMAX Edmonton Realtor, I have over 15 years’ experience in creating successful selling and buying strategies in both increasing and declining markets. And, I am hear to help!
Alison Murray, B.Comm, REALTOR
REMAX REAL ESTATE