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.
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…
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.Â
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…