July 2020 Edmonton Area Real Estate Activity Report
The Edmonton area real estate activity continued the momentum from June with sales in all categories up when compared to this past June and July 2019. In comparison to July 2019, the sales of Single-Family homes increased by 9.5%, Condominium’s by 11% and the Duplex/Town Home’s by a whopping 48%!
Home prices held steady year over year despite the early predictions of significant price drops due to COVID-19. The average sale price for a Single-Family home was $436,142 (+1.4%), for Condominium’s, $225,138 (+1%) and $331,963 (-0.4%) for Duplex/Town Home’s.
Of note is that our overall inventory is down 15.5% year over year and -3.6% compared to June. It also took less time to sell the average home this year verses last (54 vs 62).
What to expect in August? I’ve notice we are slowing down a bit from the earlier pace and are behind the 2019 sales for the last 2 weeks. With that said, interest rates are still low and qualified buyers are still active. My sense is much of the pent-up demand has passed and we might settle into a more modest pace.
Time will tell and, in the meantime, please stay safe and take of each other.