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.
“The uncertainty surrounding the COVID-19 pandemic and the energy industry is expected to cause a dramatic decline in housing demand over the second quarter,” said Lurie. “With social distancing expected to soften by the third quarter, the pace of the decline in sales will ease by the third and fourth quarter. However, a turnaround in sales is not expected by the end of the year, as the financial implications for many households will have lingering effects.”I think her outlook for Calgary is reasonably accurate for Edmonton as well. This suggests the issue will likely, once again be inventory, as the inventory will grow. We're already sitting at over 9 months supply, unheard of for this time of year. Here are all the stats for the Greater Edmonton Area in April:
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