Edmonton Market Update February 2020
The first month of the new decade has already come and gone!
In this issue, we take you through a five year look-back at the Edmonton real estate market and ask for your 2020 forecasts on four key indicators: Home Prices, Sales, Time to Sell and Market Distribution.
If you’re buying or selling this year, remember that the right price, good advertising and beautiful staging can all help to ensure you sell fast for a good price… regardless of what the stats might be saying!
We hope to have the opportunity to work with you as 2020 continues.
Ice Castles (until March 20)
Enjoy this award-winning frozen attraction built using hundreds of thousands of icicles hand-placed by professional ice artists.Silver Skate Festival (Feb 7 – 17)
Have fun with your entire family in this longest winter festival in Edmonton. Discover breathtaking snow sculpture, winter sports, live music, and much more.Snowshoe & Stargaze (Feb 8 and Feb 15)
Experience the night sky with fellow enthusiasts at Astotin Lake after dark!OSCAR® Nominated Shorts: DOCUMENTARY (Feb 9)
See ALL of the nominees in each category before the Academy Awards. Proceeds from the OSCAR® Nominated Short film programs support this year’s EIFF (September 24 to October 3, 2020).Valentine’s Day at Miller Crossing Farmers Market (Feb 14)
Explore the market to find everything you need to make a special dinner or buy special gifts for your special one.Winefest Edmonton (Feb 14 – 15)
Swirl, sip and savour the all-inclusive sampling of wines from all over the world and an array of delectable hors d'oeuvres!SkirtsAfire (Feb 27 – Mar 8)
Come visit the only theatre and multidisciplinary arts festival featuring women.
The results are in. The 2019 home price for Edmonton, based on sales, was $360,262. That was down 3.09 percent from $371,748 in 2018. Looking back, the price rose for three straight years from $367,055 in 2014 to $376,771 in 2017 before a weakened economy drove markets down slightly in 2018 and 2019. It’s difficult right now to predict what’s going to happen next. Some experts believe we’re at the bottom of the market (a great time to buy)! What do you think Edmonton’s home price will be in 2020?
With 16,557 Edmonton homes sold last year, 2019 was the worst-performing year in the last six. When sales volume is low and supply grows due to new listings, we typically call it a buyer’s market. If you’re selling, you might need to wait for a while before you find a buyer and then you might get a lower offer than what you’re hoping to see. Despite fewer sales in 2019, supply was also lower, tempering this dynamic. The sold-to-listings ratio actually rose by several percentage points.
For five years in a row in Edmonton, the Time to Sell has risen. In 2019, it took an average 64 days (more than two months) to sell a property. In 2014, when sales volume was higher and there were fewer listed properties to choose from, that number was 48 days. If you’re buying in Edmonton, the last few years of lower sales and higher supply have meant there’s been plenty to look at. If job growth and other factors improve, we could see that situation change, with lower supply and faster sales. What do you think is going to happen in 2020?
Look at the infographic and you’ll see that the vast majority of Edmonton’s home sales activity for 2019 occurred at prices below $800,000. The highest volume (3,596 sold) was in the $300,000 to $399,999 price range. Five properties were purchased for $2-$3 Million. Only two sold for more than $3 Million last year.
Thanks! We’ve been getting good feedback on our new Neighbourhood Profile feature in this monthly newsletter. We didn’t run it this month because we wanted to share 2019 data, look back over the last few years and get you thinking about 2020. The Neighbourhood Profile is back next month, though, so we ask: “Which Edmonton neighbourhood would you like us to profile next?”
Consumer Electronics Show (CES) is the world's biggest tech show held in Las Vegas last January showcasing the latest and upcoming innovations from artificial intelligence, robotics, gadgets, and much more. We are highlighting a few of the best smart home tech that were featured in the event in our photo gallery. These gadgets are not only cool but are useful and provide benefits for consumers at home.
Copyright 2020 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.