August 2020 Edmonton and Area Real Estate Activity Report
We continued to see a strong demand for homes in the Single-Family and Duplex categories when compared to the same period in 2019 with Condo’s only slightly behind last year by four units. While the strong pace of sales declined somewhat in comparison to July, the overall demand shows some interesting trends. The pace of home sales in the suburbs such as St. Albert, Sherwood Park, Beaumont etc. increased more than Edmonton proper. COVID-19 appears to be having some impact on the desires of buyers who appear to be choosing lifestyle options that afford them more space and freedom while working from home.
In comparison to August 2019, the sales of Single-Family homes increased by 23%, and Duplexes by an amazing 58%. Condominiums were down a slight -1%. The average sale price for a Single-Family home was $439,605, Condominium’s, $229,172 and $342,169 for the Duplex. When compared to 2019, the average price for a Single-Family home was up 1.01%, Condominiums down -2.23% and Duplexes by -3.48%. However, all categories showed a bit of a price increase when compared to this last July.
Of note is that the overall inventory declined by 14.6% from August 2019 and by 5.95% from this July. This along with a decline in the number of new listings should help keep buyers and sellers in balance.
What will September look like? I expect with interest rates continuing to be low and inventory in some locations declining, qualified buyers who are in the market might be competing for those quality homes that look good and that are priced right. In the meantime, stay safe and take care of each other.