December 2020 Edmonton and Area Real Estate Activity Report
This strange year of 2020 ended as a Seller’s market! We had a total of 17,036 homes sold in 2020, 487 more than 2019. Since May, the overall sales exceeded the prior year resulting in a 17.29% decline in inventory. While the sales declined when compared to November (typical for the time of year), the Sales to Listing Ratio’s were amazing. The ratio is simply the number of sales divided by the number of new listings added over the month. In December more homes were sold than were listed in the Single Family and Duplex categories.
Home prices ended year-over-year with Single Family homes up 4.24%, Duplexes up a modest 1.84% and Condominiums down 3.68%. Although the Condominium market was weaker, there has been increased activity over the last few months. As we roll into 2021, we still have great interest rates and reasonable prices for Buyers. For Sellers, we are starting the year with a lower inventory and until the spring market takes hold, a reduced number of new listings. If you are thinking of selling, it might be worth considering your timing.
We look forward to the REALTORS® Association of Edmonton Housing Forecast this month to hear what leading industry experts predict for 2021. If you would like any additional information or to discuss your personal real estate needs, please reach out to us.
Until then, we wish everyone a safe and happy 2021!