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