COVID-19 Takes a Bite Out of the Real Estate Market in April - UPDATED
Posted by Liv Real Estate on
We don't often see sales decline in April compared to March, and I don't think we've ever seen them drop to back down to December/January levels, but that's what COVID-19 has done to the real estate market in Edmonton. Perhaps some are surprised to see any homes sold at all; we and many in the industry were projecting sales to drop between 50-65% compared to last year, which is exactly what happened. 383 sales were reported in Edmonton in April, down 50% from last April. If you're thinking of buying or selling real estate this spring make sure you check out our "what to expect" and "COVID FAQs for real estate" blog posts from earlier this week.
I will update this post when the REALTORS® Association of Edmonton releases its monthly report on the market…
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Do you have questions about buying and selling real estate during COVID-19? We're certainly getting a lot of questions from clients and friends, not to mention colleagues across North America. Whether you're thinking about buying or selling a home in the near future, or you're just curious about what it's like for real estate agents in Edmonton, we've got your answers. Here are the most common questions we're hearing right now - ask your questions in the comments and we'll happily answer them.
Are you wondering what it's like to buy a home in the Edmonton area right now? While many things have changed, many things also remain the same, and people are still viewing and buying homes in today's market. If you're considering taking advantage of historically low-interest rates, and a strong negotiating position while entering the real estate market with social distancing restrictions, here is what to expect.
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 304 (254, 358, 334)
# Sales: 107 (120, 111, 144)
Ratio: 35% (47%, 31%, 43%)
# Price Changes:Â 190 (181, 189, 185)
Expired/Off-Market Listings: 146 (171, 195, 395)
Net loss/gain in listings this week: 51 (-37, 52, -205)
Active single-family home listings: 3327 (3287, 3289, 3244)
Active condo listings: 2047 (2006, 2039, 2010)
Homes 4-week running average: $404k ($403k, $400k, $400k)
Condos 4-week running average: $223k ($220k, $209k, $225k)
Have a great weekend!
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 254 (358, 334, 329)
# Sales: 120 (111, 144, 188)
Ratio: 47% (31%, 43%, 57%)
# Price Changes:Â 181 (189, 185, 224)
Expired/Off-Market Listings: 171 (195, 395, 161)
Net loss/gain in listings this week: -37 (52, -205, -20)
Active single-family home listings: 3287 (3289, 3244, 3351)
Active condo listings: 2006 (2039, 2010, 2096)
Homes 4-week running average: $403k ($400k, $400k, $402k)
Condos 4-week running average: $220k ($209k, $225k, $214k)
Have a great weekend!
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 358 (334, 329, 460)
# Sales: 111 (144, 188, 213)
Ratio: 31% (43%, 57%, 46%)
# Price Changes:Â 189 (185, 224, 229)
Expired/Off-Market Listings: 195 (395, 161, 187)
Net loss/gain in listings this week: 52 (-205, -20, 60)
Active single-family home listings: 3289 (3244, 3351, 3354)
Active condo listings: 2039 (2010, 2096, 2103)
Homes 4-week running average: $400k ($400k, $402k, $409k)
Condos 4-week running average: $209k ($225k, $214k, $212k)
I was hoping to see even fewer new listings than last week... there are a lot of listings on the market now that are not allowing showings which is really pointless. Hoping the new…
Liv Real Estate is open for business, but it is far from business as normal. Despite this Pandemic, we can still accomplish a tremendous amount of headway together in your real estate purchase or sale.