Edmonton Real Estate | January 2020 Real Estate Market Update | Edmonton Housing Market

Edmonton Real Estate | January 2020 Real Estate Market Update | Edmonton Housing Market

Can you believe January 2020 is over already that means it’s time to break down the statistics on the Edmonton Real Estate market. I’m going to tell you what happened in the month, and where I think the market is headed this year. Stay tuned! Hello, my name is Patrick Fields and I’m a Realtor here in snowy Edmonton Alberta with RE/MAX Select. If you want to buy or sell a home this year make sure you subscribe to this channel, I create helpful videos every week to help educate you on all things real estate. So a fresh year, let’s see what happened in the real estate market in January, and we’ll start with house prices. Average house price in December was four hundred and seventeen thousand dollars and in January was up to four hundred and twenty five thousand dollars. That’s up almost two percent from December and almost five percent from last year. Maybe lots of people received cash for Christmas and spent it on a house! There were three hundred and thirty eight houses that sold in January. The average price of the condominiums that sold in December was two hundred and twenty five thousand four hundred dollars and in January dropped to two hundred and one thousand dollars. That crazy Edmonton condo rollercoaster continues, now saying that there weren’t too many condominiums that sold and I’ll cover that in a second, but we have way too much inventory! It’s a great time for buyers to scoop up a great condo at an amazing price. There were just 161 condominiums that sold in January. Sixty-three duplexes sold in January, the average sale price in December was three hundred and thirty one thousand two hundred ninety five and in January that jumped to three hundred and forty eight thousand dollars. That average sale price is up five percent from December and up four and a half percent from last year. Overall for the month buyer spent almost one percent less than they did in December but five percent less than January of 2019. Buyers spend an average of three hundred and forty nine thousand dollars and in December they had spent an average of three hundred and fifty three thousand dollars during the month. So remember this is when we add up all the sale prices of all the homes that sold in the month, divide that by the number of homes that were lucky enough to sell. Okay so let’s move on to inventory or how many homes are currently on the market. 1622 new listings hit the MLS in January and that’s up by seventy one point six percent from December when just nine hundred and thirty nine homes were listed. Our total number of homes for sale at the end of January sits at four thousand four hundred and ninety one. Total sales for January were five hundred and eighty houses, condominiums and duplexes. In December we had six hundred homes sell, so it’s down by just three percent from the month but up just slightly from January of 2019. Okay so let’s talk about the absorption rate! If you’re not familiar with that term, that is the length of time it will take for all the homes currently for sale to sell with no new homes hitting the market. So currently we have four thousand four hundred and ninety one homes for sale and in January with five hundred and eighty sold, at that rate it would take seven point seven four months to sell off all the homes as long as sales remain at that same pace and no new homes were listed. But sales always pick up as the weather improves and I looked at the sales numbers for the past five years, and every year except 2018 January had the lowest number of sales for that year and over those five years it was May or June that had the highest number of sales for the year which totally makes sense because people love moving during the summer! So home sales will pick up in the next few months as they always do. So what does this mean for you? Well if you’re a buyer, statistically you should get a great home at a very good price right now! When only one in eight homes are selling you can use this to your advantage, so make sure your real estate agent is getting you the best possible price for your new home! And if you’re a seller, remember – not every home that gets listed will sell! This may come as a bit of a surprise, but over the past five years only forty-five to fifty-five percent of the homes that were listed actually sold and 2018 was the lowest percentage at forty five it also had the lowest number of home sales for the past five years. Make sure your home shows perfect every time you have a viewing, and make sure you’re priced appropriately versus your competition if you really want to sell. Now for the days on market. The homes that sold had been listed for an average of seventy nine days, it had taken an average of 69 days for all categories to sell in December. Single-family homes took 73 days to sell in January, it was 64 days in December, and 78 days last year. Condominiums took an average of 83 days to sell, it was 77 days in December, and 93 days last year. And duplexes took an average of 85 days to sell, they averaged 75 days to sell in December and 90 days last year. When you understand supply and demand in whatever section of the market you’re looking at the better educated you will be when it comes to making an offer on the home you want to buy. Or when selling your home you’ll know where you should priced and what kind of a chance you’ll actually have of selling. And now for the highest sale prices for the month. Well it’s no wonder the average condominium sale price was down, the highest sale price in January was just four hundred and sixty thousand dollars. There were seven condominiums that sold in December between four hundred and five and four hundred and sixty thousand dollars. The one at four hundred and sixty thousand was a 1,700 square foot adult bungalow in Oleskiw! The most expensive detached homes sold for two million eight hundred and fifty thousand dollars in Laurier Heights. It’s a thirty two hundred and sixty square foot two-story infill home, and it’s still under construction. It will have some gorgeous river valley views. There were nine other houses that sold for more than $1,000,000 in Edmonton in January. If you missed my last video I go through all the costs associated when buying a home, it’s a great overview for anyone that wants to buy a home this year. I’ll post a link to it right up there. If you have any questions about the real estate market or you’d like to grab a coffee and talked about buying or selling a home, just give me a call. My cell number is gonna be right up there. I hope 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. Please leave a comment below and hit like if you enjoyed this one. Thank you so much for watching. I’ll see you next time…

8 thoughts on “Edmonton Real Estate | January 2020 Real Estate Market Update | Edmonton Housing Market

  1. We have a crazy inventory shortage in our market right now, so I am listening to you and feeling a little envious of all that inventory and selection!

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