Edmonton & Area Real Estate Market Update, December 2020
As we come to the end of 2020, we’ve finally started to see some market stats start to level off to what is more typical of this time of year. But even so, there was still an unusual amount of sales activity in November—a continuation of the delayed market caused by COVID. Check out the highlights below.
New Listings & Sales Activity
There was a 30% decrease of new listings to the market in November; however, this just brought us on par with last year’s new listings (a 3% increase over November 2019).
In terms of number of sales, there was a 16% decrease in November, but similar to October’s stats, November sales are up 27% year over year. We have actually also surpassed the number of year to date sales—the highest in the last five years.
Average Days on Market
Although homes lingered on the market four days longer on average in November, they still sold 15 days faster compared to November of last year. The same advice from the last few months stands: if you’re a buyer, it’s important to get into homes quickly and make offers as soon as possible especially if you’re looking for a single family home which sold in less than 50 days on average in November. You may otherwise miss out on an opportunity to get into your dream home!
Average selling prices have cooled a bit month over month, but are still up year over year. Single family homes and duplex / row housing sold for 4-5% more than they did in November last year (almost $20,000 more for single family homes and $15,000 for duplex / row housing).
What do these stats mean for you and how does this fit with COVID-19 numbers?
We endeavour to provide information to help you understand the market and help you make a decision on whether it is the right time to buy or sell. At the end of the day, only you can weigh the risks of shopping around for a home or showing your home if you’re selling.
If you were considering buying, there are still listings coming to market, but there is much less inventory which is typical for this time of year. For sellers, you have an advantage here as you may be in a good position to sell quickly and get more money for your home if it is priced right as people are buying and selling homes faster than in previous years.
As always, it’s important to work with a REALTOR®® to help you navigate your real estate transactions and ensure you’re fairly represented. Feel free to give us a call today. We would love to chat!