Market Recovery Eight Weeks Post Pandemic Lockdown in the Edmonton Real Estate Market

Good Morning, 

I hope this email finds you well. Over the last few weeks, it has been entirely refreshing to see many of you. 

Real Estate sales remain high in comparison to the lock down numbers a few weeks ago. 120 homes or so a day sell in Edmonton, the only major change being the number of listings now coming to market now outpaces sales almost 1.5-1 on a daily basis. 

In a bizarre twist, market excitement has caused homes to sell for well over what one would expect in certain markets at certain prices ( maybe historically low interest rates, low home prices, coupled with coming out of lock down has created a perfect storm). It has been shocking in some cases. Mind you, these trends are and tend to be area and price point specific. 

More objectively, over the greater Edmonton area in general, home and condo prices have continued to decline as they have over the last five years. 

To have a better look, our firm composes our own independent statistical analysis.  

Buyers and Sellers

Opportunities for Sellers right now is the excitement in the market. There still feels to be an inventory shortage for motivated buyers. Not quite ready to sell? Refinancing at low rates can be a silver lining to depressed prices. Our firm has some excellent relationships in the community which can help get your vacant home rented as well, please feel free to reach out. 

Buyers are able to be selective in competing for well priced homes as they come to market. Interests rates and prices are low, low, low. 

Interesting Tidbits

Innovation in building techniques and pricing. It was too long ago a new front attached garage  2,000 Sqft home would range from $460K and up depending on location and builder. Most recently, building practices have seen builders able to come down to the $415K-$425K mark. 

The condo market is down almost 20% from 2015. Remarkably, it is possible to purchase a reasonably clean renovated townhome for $120K.  The downtown market is nothing short of exciting for buyers as opportunity knocks in well managed developments with reduced prices.

Estate Sales have been abundant in established, desirable neighbourhoods over the last three or four weeks. If we’ve met, you know I love these as they tend to be meticulously cared for homes that sell well below market value. 

Resiliency. The last few months have been a welcomed change and we are so much more resilient than I could have given us credit for. I suppose in partial isolation, with a suspension of most day to day activities, I forgot the experience of being able to engage in my community in a meaningful way, every single day. So thank you for allowing me to do that, your business, emails, texts, and phone calls are welcomed and appreciated, moving forward I hope to continue to see all of your smiling faces.

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