March Market Report - UPDATED
Posted by Liv Real Estate on
And we were off to such a good start... alas, it was not to be. The question on my, and many people's minds, is what is COVID-19 going to do to the real estate market? Obviously, the short term impact can already be seen - when the spring market is normally heating up, two weeks of physical distancing sent sales to the lowest level we've seen in March in at least 10 years. My data set goes back to 2005 (not shown in the charts below) and the lowest number of single-family homes sales I have on record was 636 in March of 2009. At the time, we were recovering from the "Great Recession" and things picked up quite a bit later in the year. Often when an external force hits the real estate market, buyers will shift their purchase forward or back, but this is…
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Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 329 (460, 642, 635)
# Sales: 188 (213, 199, 203)
Ratio: 57% (46%, 31%, 32%)
# Price Changes: 224 (229, 310, 266)
Expired/Off-Market Listings: 161 (187, 175, 337)
Net loss/gain in listings this week: -20 (60, 268, 95)
Active single-family home listings: 3351 (3354, 3346, 3161)
Active condo listings: 2096 (2103, 2061, 1977)
Homes 4-week running average: $402k ($409k, $425k, $425k)
Condos 4-week running average: $214k ($212k, $213k, $208k)
Have a great weekend!
April 29 updates in green.
When I first wrote this article, we had been socially isolating for just over a week. No one knew what it was going to be like, or how long it would last. While we still don't know the answer to how long this will last, we have a pretty good sense of what it's like, and we've gotten pretty used to sanitizing, wearing masks and staying physically distant from each other. Agents have found creative ways to show homes online, and reduce the number of properties that are actually shown in person. No matter what's happening in the market, buying or selling a home is a personal decision, that only you can make.
We are here to help our clients in any way that we can, but we do want to let you know there is good reason to hold off…