Single Detached Homes Are Down In March Of 2020 While Condos Are Up!

It has definitely been a challenging market, especially in the past couple of weeks. With most people staying home due to Covid-19, we have recently seen a noticeable drop in number of buyers and sellers coming into the market. I have also spoken to a few realtors, mortgage brokers and lawyers and they say the same.

Despite the current situation, there are still a significant number of buyers and sellers with whom I am working closely while taking the necessary precaution to stay safe. To minimize any risks at this time, we choose to work only with prescreened clients that are in an immediate need of either buying or selling. Stay safe everyone and here are current stats.

The average price for a single family detached home in March of 2019 was $404,344 down by 5.13% from last month and down by 4.64% from March of 2019. On the other hand, the condo prices were actually up by 2.87% at $218,613 from $212,520 last month.

Total of 1,164 residential properties have sold in the 3rd month of 2020, 10.30% more than in February and 2.59% less than in same period last year. The inventory increased to 7,346 residential properties available compared to 6,842 last months and 8,287 in March of 2019. 60 days was the average "days on market" for all the residential properties that have sold, 14 days less than last month.

 All the information in this article has been provided by Realtors® Association of Edmonton!

If you have any questions, feel free to contact Derek at 780-220-4224 or by using the form below: