The statistics are out for June, it was quite a busy month!
Watch the video below: https://youtu.be/K9mSyXY-4P0
What happened in the Edmonton Real Estate Market in June?
Have I got some great news for you in this real estate market update!!
Who would have though we were in a pandemic or an economic slump??
If you missed my May market update we had just 779 home sales in the city of Edmonton, of course this was due to concerns with the coronavirus! Home sales across all markets in Canada were down substantially!
Looking back at June of 2019, we had 1259 homes sales (that is houses, condominiums and duplexes) and this year we had 1370!! That is an increase over May of 76% and an increase from last year June sales of almost 9%! Those are closed sales, where the buyers have written an offer and gotten it accepted, have financing approval, completed a home inspection, reviewed the condo documents if it is a condominium, and then removed all the conditions. If a buyer starts the process one month but doesn’t remove those conditions until the following month - that sale counts in the month that the conditions are removed!
Of those 1370 home sales in June, 821 were Houses, up from 784 that sold last year and a huge increase from the 486 that sold in May!
Condominium sales totalled 360 during the month and that is a slight increase from last year when 343 sold, and it is exactly double the 180 that sold in May!
We had 168 duplex sales and that is UP from last year when we had 115 sell, and it is up substantially from the 97 that sold in May.
Now let’s look at the sales volume. This when we add up all the sales prices of the homes that sold and compare that to last month and last year!
June total sales volume was just over 489 million 500 thousand dollars! And.. that is up! Last years sales volume was just over $462 million 800 thousand dollars! It is up from Mays total of $278 million which is a great increase and fantastic to see! The market has been so busy, I have been helping some wonderful people buy and sell homes lately!
When we compare prices, the average amount spent on single family houses was $430,388! That is down slightly from 2019’s average by almost $2500, but it is up from Mays average of $427,507, almost a $2900 jump!
The Average price of the 360 Condominiums that sold was $213,881 that is down from last years average of $235,802 but up from Mays average of $201,812! It is great to see an increase in activity with condominiums, once inventory flattens out a bit more prices should stabilize again, but I don’t expect that to happen overnight.
Duplex average sale price was $335,541, that is down by $8700 from last year when it was $344,210 but up from last month by almost $2000!
Now please remember “average sale price” is calculated by adding up all the homes that sold in each category and divide by the number of homes sold. This does not take the size of the home into account. So please don’t look at average sale prices as a true value of a particular home – you need to dig deeper into the prices of homes that are selling in the area and look into the full statistics! It is totally normal for the average price to fluctuate from month to month!
Overall, in June, buyers spent an average of $357,311 which is up by $500 from $356,814 in May, but it is down $10,300 from last year.
If you have down payment saved up and a good job, this could be a great time to buy a home! There are lots of fantastic homes to choose from and interest rates are still HISTORICALLY low!
Ok, so now to our inventory, or how many homes are currently For Sale… We saw 2605 new listings hit our mls in Edmonton in June! This is just houses, condominiums, and duplexes in Edmonton – this does not include any outlying areas like Sherwood Park, Spruce Grove, Ft Saskatchewan, St. Albert, Leduc or Beaumont or any rural or acreage properties. In May we had 2125 homes listed so this is up quite a bit! It is up from last year as well when we had 2212 new listings in June.
Our total number of homes for sale at the end of June is now 5864 in May it was 5623 so we only have a couple hundred extra new listings! As I mentioned the market is quite busy now, in fact I have had 2 sets of buyers be involved in multiple offer situations on houses over the past 3 weeks! I am getting lots of calls again from home buyers and sellers! Remember what I said last month? “I definitely think June’s sales will be higher than the number we had in May.” Well that was definitely the case!
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 5864 homes for sale and 1370 sold in June, so it would take just 4.28 months to sell off all the homes currently for sale as long as sales remain at the same pace and no new homes were listed. That number is the best we have seen all year!! It was 7 months in May! If you are thinking of selling – do it quickly to take advantage of all the pent up buyer activity!!
Now for the days on market. The homes that sold had been listed for an average of just 56 days! It had taken an average of 59 days for all categories to sell last year, but 66 days was the average just last month! If your home has been on the market for more than 2 months or more you might want to re-examine where you positioned vs your competition and make any necessary changes quickly, hurry!
Single family homes took 52 days to sell, Condominiums took an average of 68 days to sell, and duplexes took an average of 65 days to sell in June.
So what does all this mean? You need to be informed and educated on what is happening in our market! 2-3 months ago you had tremendous negotiating power as we had no idea on where we were headed, and in June, lots of homes receiving offers in the first few days of listing and sometimes more than 1 offer coming in. So, 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 that your home shows its absolute best!!
Here are the highest sale prices for the month!
There are currently 254 homes priced over 1 million dollars just in Edmonton! 221 are houses and 23 are condominiums.
There were 5 condominiums that sold for more than half a million dollars in June! The highest condominium sale price in was $748,500! I thought this month I would share the current highest priced condominium for sale in the city! For a mere 6.1 million dollars you could own this Absolutely one of a kind 4,908 sq.ft. penthouse in The Legends Private Residences perched atop the J.W. Marriott Hotel. This spectacular suite is the entire south half of the floor and boasts panoramic south, west and east views from the floor to ceiling windows! It has 15 ft. ceilings, 2 bdrms, 4 bathrooms, spectacular living room, gourmet kitchen, stunning master bedroom, custom finishing plus more. The residence includes 24 hour concierge, top of the line appliances, 4 underground secured parking stalls, plus easy access Downtown thru the pedway system and full access to all the J.W. Marriott Hotel services/amenities. With only 2 suites on this penthouse floor you are assured the ultimate in privacy. The condo fee is $6800 per month. Taxes have not yet been assessed. Contact me if you would like more information.
Are you ready for the most expensive detached house?! It sold for $3,600,000 in Windermere! The home is 7 thousand 4 hundred and 50 sq ft, it sits on a 13,800 sq ft lot! These lucky buyers ended up saving $900,000 from its original list price!
There were 8 other houses that sold for 1 million dollars or more in June! The confidence seems to definitely be back in our market.
So there you have the June market report! If you have any questions about the real estate market, or you would an accurate evaluation of your homes value, or you’d like to talk about buying a home, just give me a call or send me a text - my cell number is 780-915-2056.