STARKMAN REALTY LTD. UPDATE/ PERSPECTIVE
We in Edmonton are lucky not to have an overheated and unrealistic real estate market. The quality of life and affordability of being able to own your own home is a goal attainable for most. With an abundance of services and great public education available to all, I believe that Edmonton is one of the best communities in Canada to buy a home and raise a family.
It may interest you to know residential average prices are up to $369,805, a 0.68% increase from July 2019, up 2.67% from June 2020. Single family homes sold for an average of $436,142, a 1.39% year-over-year increase from July 2019, and a 3.06% increase from June 2020. Condominiums sold for an average price of $225, 138, a 0.97% increase year-over-year, prices are up 2.41% compared to June 2020. Duplex prices dropped 0.41% from July 2019, selling at $331,963, which was a 0.79% increase from June 2020. There have also been more sales of single-family homes, condos, and duplexes compared to July of last year. Single family homes pricing increased 3.06%, duplexes came a little down 0.41% and condos are up a little. Single family homes averaged 49 days on the market, an eight-day decrease from last year. Condos decreased to an average of 63 days on the market while duplexes averaged 55 days on market, an eleven-day decrease compared to July 2019. Overall residential listings averaged 54 days on market.
During the past few months with the Covid-19 pandemic, Edmonton has gone from a shutdown buyers' market to a market that appears is to favor sellers. Recently we have had to navigate multiple offers in some situations. It's amazing how fast the market shifted from one scenario to another.
We are in a seller's market right now in Edmonton and the question is of course, for how long? Many People are on the sidelines watching and thinking "when is the optimum time to buy or sell?" My view, waiting for a short or longer time, won't make a major difference because overall Edmonton prices are relatively stable, and are not fluctuating dramatically. This relative market stability in Edmonton makes this an optimum time to either buy and sell homes. More good news; there appears to be an abundance of investment opportunities in and around Edmonton.
Either as buyer or seller Edmonton is a city of opportunity, and a great place to live and work. Perhaps Covid 19 has reinforced our sense of community.