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
I have listed a new property at 207 10303 111 ST in Edmonton. Zone 12, Edmonton $329,000
Downtown Edmonton concrete high-rise 2 bed + 2 bath + U/G parking. Located across from MacEwan University and walking distance to City Centre, River Valley, and Grandin LRT Station. Spacious open floor plan with almost 1,000 Sq.ft. and a bright EAST exposure. This like NEW unit boasts all the condo luxuries: granite counter tops, air conditioning, engineered hardwood, NEWER washer & dryer, and top down bottom up blinds. EAST exposure balcony with gas BBQ hook up. One underground parking stall with 2nd stall available for rent (legal 595, labeled 158). Well maintained complex with over $2 MILLION IN RESERVE FUND. Amenities include large exercise room, social room and guest suite. Condo fees $412 per mo incl HEAT & WATER. IDEAL LOCATION: ACROSS MACEWAN UNIVERSITY, WALK TO RIVER VALLEY AND CITY CENTRE.
I have listed a new property at 428 612 111 ST in Edmonton. Zone 55, Edmonton $219,000
TOP FLOOR, 55+ South Edmonton condo with soaring 15 foot cathedral ceilings and FOREST VIEWS. "Heritage Valley Estates" is located behind Ellerslie Crossing & SAVE ON FOODS. Gorgeous natural light and open floor plan in this 1 bedroom + den + 2 bathrooms. Living room steps on to a quiet and private COVERED BALCONY with gas connection. Master suite has 4-pc ENSUITE with tub/shower and walk in closet. A 3-pc guest bathroom includes a WALK IN SHOWER. Includes in suite laundry and central air conditioning. UNDERGROUND HEATED PARKING stall with secured STORAGE (labeled 428, legal 287). Condo Fees $556.88 incl: HEAT,WATER & POWER. Friendly building with amenities: large social room with dance floor, indoor pool, fitness room, games area, well equipped workshop, car wash, library, craft room & guest room on each floor. Located at 111 street & Ellerslie Road you can walk to Save on Foods, Pharmacy, Medical Centre, Banks, Bus, Tim Hortons & Public Transportation. THIS PROPERTY IS VIRTUALLY STAGED.
I have listed a new property at 265 11517 ELLERSLIE RD in Edmonton. Zone 55, Edmonton $269,999
Southwest Edmonton Condo Walking distance to Save on Foods! 2 BEDROOMS + 2 BATHROOMS + 2 PARKING STALLS. This well maintained unit boasts a spacious open floor plan (1032 sqft) with PLENTY OF WINDOWS with natural light and dark modern laminate floors. Beautiful espresso kitchen cabinets and raised eating bar, perfect for entertaining. Unit comes with 2 PARKING STALLS: Underground legal and labeled #201 with storage cage; surface stall with power legal and labeled #313. Rutherford Gate is PET FRIENDLY (with board approval), and well managed building built in 2011 by Carrington Properties WITH NO AGE RESTRICTIONS. Great amenities: guest Suite, exercise Room and social Room. Condo Fees: $486.70 incl HEAT & WATER. A GREAT PROPERTY IN A DESIRABLE LOCATION WITH SHOPPING & PARKS - JUST OFF OF ANTHONY HENDAY AND MINUTES FROM CENTURY PARK LRT STATION.
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
I have sold a property at 13635 34 ST in Edmonton.
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
I have sold a property at Windermere in Edmonton.
I have sold a property at 9929 113 ST in Edmonton.