Edmonton Market Update February 2020

Dear Friends,

The first month of the new decade has already come and gone!

In this issue, we take you through a five year look-back at the Edmonton real estate market and ask for your 2020 forecasts on four key indicators: Home Prices, Sales, Time to Sell and Market Distribution.

If you’re buying or selling this year, remember that the right price, good advertising and beautiful staging can all help to ensure you sell fast for a good price… regardless of what the stats might be saying!

I hope to have the opportunity to work with you as 2020 continues.
 
 
 
 
 

Coming soon from the beautiful community of Ottewell. Custom built for its current family in 1962, this wonderfully appointed home was a neighborhood original. This four bed, two bath home offers vaulted ceilings that let the sun shine in, a wood burning fireplace to enjoy on cool winter evenings, a bright and well thought out basement with large windows and an oversized double garage with 220 power and gas to be the ultimate man cave. The large entry to the home has a feature wall of walnut and a mail drop cabinet to finish it off. Other finishes include Hunter Douglas blinds, oak trim and central air conditioning.

The owners have put great care and love into the landscape that has made them a Communities in Bloom participant year over year and they enjoy cards and small gestures of thanks from neighbors for making their street so beautiful. You can enjoy a wonderful summer evening with a custom brick bbq and a covered patio, enjoy park like surroundings and listen to the trickle of the pond.

Coming on to market February 14th! Stay tuned or contact me for more details. 

 

The results are in. The 2019 home price for Edmonton, based on sales, was $360,262. That was down 3.09 percent from $371,748 in 2018. Looking back, the price rose for three straight years from $367,055 in 2014 to $376,771 in 2017 before a weakened economy drove markets down slightly in 2018 and 2019. It’s difficult right now to predict what’s going to happen next. Some experts believe we’re at the bottom of the market (a great time to buy)! What do you think Edmonton’s home price will be in 2020?

Spring

With 16,557 Edmonton homes sold last year, 2019 was the worst-performing year in the last six. When sales volume is low and supply grows due to new listings, we typically call it a buyer’s market. If you’re selling, you might need to wait for a while before you find a buyer and then you might get a lower offer than what you’re hoping to see. Despite fewer sales in 2019, supply was also lower, tempering this dynamic. The sold-to-listings ratio actually rose by several percentage points.

For five years in a row in Edmonton, the Time to Sell has risen. In 2019, it took an average 64 days (more than two months) to sell a property. In 2014, when sales volume was higher and there were fewer listed properties to choose from, that number was 48 days. If you’re buying in Edmonton, the last few years of lower sales and higher supply have meant there’s been plenty to look at. If job growth and other factors improve, we could see that situation change, with lower supply and faster sales. What do you think is going to happen in 2020?

Look at the infographic and you’ll see that the vast majority of Edmonton’s home sales activity for 2019 occurred at prices below $800,000. The highest volume (3,596 sold) was in the $300,000 to $399,999 price range. Five properties were purchased for $2-$3 Million. Only two sold for more than $3 Million last year.

Thanks! We’ve been getting good feedback on our new Neighbourhood Profile feature in this monthly newsletter. We didn’t run it this month because we wanted to share 2019 data, look back over the last few years and get you thinking about 2020. The Neighbourhood Profile is back next month, though, so we ask: “Which Edmonton neighbourhood would you like us to profile next?”

 
 
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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.