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Moving out of the city or to another province? Time to upsize? These three trends will continue to influence the market as people are spending less time at the office and more time at home.
The Alberta government has mandated that professional services businesses, such as lawyers and accountants, be able to work by appointment only. Therefore, the AREA are reinstituting a ban on all in-person open houses for REALTORS® as professional service providers. Showings can continue with appointment only and limited to two family-unit members at a time.
Please continue to adhere to all the best practice safety protocols.
Be mindful of any and all provincial guidelines and local ordinances.
There has been no known COVID-19 transmission from open houses, but an abundance of caution is in the best interest of everyone at this time.
I hope this post finds you well and healthy as we all continue doing our part in social distancing as the number of COVID-19 cases continue to increase in the Edmonton region. Throughout this year, there have been several hurdles we've all had to overcome as we adjust our lives to a new normal. With that being said, the real estate market has bounced back following a slower than usual second quarter. June and July were the busiest months with 2,051 sales and 2,166 sales respectively.
At the end of September of this year, inventory levels were down when compared to levels in August. This is a good thing because it brings down the number of months inventory is sitting which ultimately begins to strengthen the price. These actions are leading us to the point where we’re beginning to slide into a sellers market.
The benchmark price of detached homes is $374,000, which is up 5% when compared to Q1 when the benchmark price was $349,000. Overall, the price of homes is up 7.1% when compared to September 2019.
3,022 sales occurred in Q1 and 5,100 sales occurred in Q3, which is an increase of 49.6% and tells us that people are actively committed to buying and selling. When looking at YTD sales from 2019 to 2020, sales are down by 3.5%. At year end in 2019, 13,363 sales had occurred and at the end of September 2020, 12,900 sales have occurred.
When looking at the bigger picture, I believe sales and inventory are healthy; we will most likely see the price of homes continue to increase and we'll probably end the year with similar sales numbers to 2019.
Overall, the real estate market in Edmonton is in a good place and I think it will remain the same for the next little while. I don’t believe things will return to the way they were when COVID-19 was first becoming a prominent force in our lives because we all have a better understanding of how to manage our processes so we can continue to buy or sell homes.
Interested in knowing what your home is worth?
Click here to be redirected to my website where you'll enter your property information.
It only takes a few minutes and I will then conduct a Comparative Market Analysis of your home.
I'm very proud to announce that I was selected as one of Canada's top agents for 2020 by Real Estate Professional Magazine in their April/May 2020 issue.
I have built my business on referrals and I have many wonderful clients to thank for my success. Thank you to all my sellers for putting your trust in me to get your homes sold, and thank you to my buyers for choosing me as your real estate guide. It is a privilege to be able to work with you and be part of your journeys in Edmonton and Sherwood Park.
Download the April / May issue of Real Estate Professional here.
These are unusual times for all of us. Whether you’re navigating working from home, a recent layoff, or the pressure of working in an essential service, none of us could have predicted these events a few months ago. If you live in Edmonton or Sherwood Park and you need help, please let me know. We can solve many problems by coming together as a community.
We will get through this together.
In the meantime:
· Meditate
· Exercise
· Get as much fresh air as you can while physical distancing
· Reach out virtually to friends and family
· Be kind
· Learn something new
· Support local businesses
There is no question that COVID-19 has changed the real estate landscape here in the Edmonton area. Many buyers and sellers will wait to join the market, but some sellers are keen to sell and some buyers are taking advantage of low interest rates. REALTORS® are doing their best to ensure physical distancing and other health measures are taken to keep everyone safe.
You may be feeling uncertain about entering the market at the moment. Now is the best time to get advice. If you don’t need to buy or sell right away, you don’t have to, but you can move forward with the information you need to make those big decisions.
Having accurate, up-to-date information at your fingertips, especially in uncertain times, is the key to a smooth real estate transaction.
Let’s talk about your needs. We can set up a time to chat that works for you. I’m always happy to discuss the Edmonton and Sherwood Park real estate market and I love meeting new people. Making meaningful connections and forging relationships built on trust are the keys to my success in real estate.
Why not use this time to get my free, no obligation advice?
The best time to get a free Comparative Market Analysis of your home is when you don’t need to list. You can get my FREE professional estimate of what your home is worth today based on sales of similar properties in your area, and then make a decision about whether now is the right time to list.
If you do need to sell your home today, rest assured, you will be my top priority. During my listing presentation, I will explain why hiring an experienced, top-selling REALTOR® will benefit you enormously in the current market. I will make recommendations on how to price your home and outline my marketing plan.
If you would like to reach out, please give me a call: 780-982-1589.
You can also send me a message through my contact page.
Let's discuss your next home sale or purchase, with no obligation.
Give me a call at 780-982-1589
