** Edmonton Real Estate Market Update April 2020 **

By: Patrick Fields

** Edmonton Real Estate Market Update April 2020 **

Tags: Edmonton real estate, edmonton market update, edmonton realtor, edmonton real estate agent, edmonton real estate market, edmonton homes for sale

Edmonton Real Estate
Market Update April 2020

Here is the Edmonton Real Estate Market Update for April 2020 with all the data from the Edmonton Real Estate Board.
Let’s start with what happened in the real estate market in April with unit sales:  Last year April we had 1148 houses, condominiums and duplexes sell, and last month we we had 811 sell.  This year our April sales were just 517!  That is down from last month by 36% and a 55% decrease year over year.

320 Houses sold, down from 695 that sold last year and down from 472 that sold in March!
Condominium sales totalled 134 during the month and that is a decrease from last year when 322 sold and down from 239 that sold in March!

We had 58 duplex sales and that is down! Last year had 117 sell, and it is down from the 88 that sold in March.
Now we look at the sales volume and that is when we add up all the sales prices of the homes that sold and compare that to last month and last year!
Aprils total sales volume was just $185,041,215!  That is down!  Last year Aprils sales volume was $414 million and it was $277,450,000 last month!

When we compare prices, the average amount spent on single family houses was $421,568, that is down from 2019’s average by $11,400 but up from March when it was $413,063!    
The Average price of the 134 Condominiums that sold was $219,815, that is down slightly from last years average of $222,402 and up from March’s average of $216,259!
Duplex average sale price was 341,462 dollars and that is up from last years average of $334,401 and March’s average of $322,895! 

Overall in the month, buyers spent an average of $357,913!  That is down from last year by .6% but up from last month by 4.9%.  Remember this is when we add up all the sale prices in each category and divide by the number of homes sold.  Our average price does fluctuate a bit month to month! 
Ok, so now to our total inventory, or how many homes are currently on the market…  We saw 1366 new listings hit our mls in Edmonton in April!  This is just houses, condominiums, and duplexes in Edmonton – this does not include any outlying areas like Spruce Grove, Sherwood Park, St. Albert, Leduc or Beaumont or any rural or acreage properties.  In March we had 1938 new listings hit the mls.  Obviously this is down from last month, but it is also down by 46% from last year in April when we had 2500 new listings! 273 listings did terminate or withdraw from the mls in the month.  Our total number of homes for sale at the end of April is now 6656, it was 5225 at the end of March, so we have an additional 1431 homes for sale and sales were down vs last month.  I am seeing more activity and getting calls again from home buyers and sellers, so cautiously I think May’s sales will be higher than we had in April.

And now the absorption rate!  That is the length of time it will take for all homes currently for sale to sell with no new homes hitting the market.  Right now, we have 6656 homes for sale and just 517 sold in April, so it would take 12.87 months to sell off all homes currently for sale as long as sales remain at the same pace and no new homes were listed.  That number last month was 6.44 months!  As mentioned, I do expect Mays sales to be a bit higher than April but definitely not where it usually is, over the past 5 years we have averaged 1361 homes sales in May!  In fact May or June usually have the highest number of sales compared to the other months for our year!   Now think about this – in April we had 1366 new listings and just 517 sales!  That is 2 ½ times the listings to sales!  Nevermind the other 5000 PLUS homes that were already on the market!  If you are selling are you priced as competitively as you should be if you really want to sell?  Does your home show perfectly?  Do you have professional pictures and do you have a video tour walkthrough of your home?
With what is happening in our economy right now, and with Coronavirus concerns I think it is very safe to say that sales will continue to be less than previous years, but we could be in for a late summer or fall surge of buyers if they have confidence in the market!  If you have stable employment this could be a great time to look at buying a home!  Rates are still quite low and I expect to see the banks keep them that way for a while.
Alright, now for the days on market.  The LUCKY homes that sold had been listed for an average of just 62 days!  It had taken an average of 57 days for all categories to sell last year!  So to me this says the new listings that are hitting the market are examining their competition very closely!  If you’ve been on the market for 2 months or more you might want to re-examine your where you are at and make any necessary changes.
Single family homes took just 55 days to sell, Condominiums took an average of 71 days to sell, and duplexes took an average of 74 days to sell in April. 

So what does all this mean?  You need to be educated and informed on what is happening in our market!  If you are buying – know your strengths and advantages to get the best price you can get, and if you are selling – know your competition and price accordingly, low direct competition vs high direct competition!  Make sure there is no maintenance or as little as possible for a new buyer to take on.

Here are the highest sale prices for the month!
There are currently 205 homes priced over 1 million dollars just in Edmonton! 188 are houses and 17 are condominiums.
The highest condominium sale price in April was $1,225,000!  It was almost 2100 sq ft with 2 bedrooms and 2 underground parking stalls, it is located in The Carlisle building, in Oliver on the Victoria Promenade with breathtaking river valley views! It has a condo fee of $1446 per month.  There were 3 other condominiums that sold between $600,000 and $900,000 in the month!
The most expensive detached house sold for $1,275,000 in Bonnie Doon!  The home is almost 6200 sq ft, it sits on a 16,700 sq ft lot!  It backs Millcreek Ravine Park and has beautiful panoramic views of downtown!  Now this home had been for sale since November of 2014 and started out at $3,750,000!  So the buyers ended up saving $2,475,000 from its original list price!  WOW!
There were only 3 other houses that sold for more than 1 million dollars in April!  18 houses sold for more than 1 Million dollars in February, and 4 in March!  It will take a considerable amount of time to sell through the 188 that are currently for sale!
So that’s it for the April breakdown.  If you have any questions about the real estate market, you would like to talk about buying or selling a home, or you’d like a copy of my homebuyers roadmap, just give me a call or send me a text - my cell number is right down there.
I hope that you found this informative.  Please feel free to share it with friends looking to buy or sell a home this year, and don’t forget to SUBSCRIBE to my channel for more great real estate videos.  Feel free to LEAVE A COMMENT below AND HIT LIKE if you enjoyed this one!
Thank-you for reading, please stay safe, stay informed about what is going on around us and I will see you next time!