The Edmonton real estate market rebounded in May after COVID-19 took a serious bite out of the April market, but it's still considerably slower than we normally see at this time of year. There are plenty of buyers out looking (our website traffic is up over 40% from last May, with over 4.6million pageviews), but there were slim pickings at the beginning of May when most of the homes on the market were stale listings that had not adjusted to the new market reality; new listings started coming on the market in the last two weeks for the month, giving buyers more to choose from. Sales are down, significantly, but the inventory is also down which has moved us from a sever buyer's market last month, to a mild buyer's market in May. Different segments of the market are performing extremely differently, be sure to check out the months of absorption chart broken down by price ranges below where you'll see the months of supply ranges from 2.6 months to 25 months. I will update this post when the REALTORS® Association of Edmonton releases its monthly report on the market later this week.    

Edmonton Stats

578 single family homes were reported sold in May in Edmonton, a 36% decline from last May. 184 condos were reported sold in Edmonton in May, a 51% decline compared to last year. The months of supply of detached single-family homes varies drastically between different price ranges; the lower price ranges are in a severe buyer's market while higher-end ranges are in a severe seller's market. Homeowners looking to move up have the greatest advantage in this market, since they would be in a strong negotiating position to sell at a lower price range, and to buy at a higher price range - plus, they can take advantage of very low mortgage rates. The average price of single-family homes decreased by 4% from last May to $411,155 and the median dropped 1.6% to $381,000. The average price of condos decreased by 17% to $193,254 and the median dropped 17% to $180,250. The average price per square foot for single-family homes dropped $6 from last May to $263 and for condos dropped $31 to $194. Posted by Liv Real Estate on
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