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July 2020 Edmonton Real Estate Market Report - Mani & Azra Bagga

Posted by Mani Bagga on Friday, August 7th, 2020 at 5:20pm.

Edmonton, August 5, 2020: Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for July 2020 increased 13.58% compared to July 2019 and increased 5.61% from June 2020. The number of new residential listings is up year over year, increasing 7.56% from July 2019. New residential listings are down month over month, decreasing 9.84% from June 2020. Overall inventory in the Edmonton CMA fell 15.52% from July of last year and decreased 3.58% from June 2020.

For the month of July, single family home unit sales are up 9.53% from July 2019 and up 3.91% from June 2020. Condo unit sales increased 11.01% from July 2019 and increased 6.70% from June 2020.

All residential average prices are up to $369,805, a 0.68% increase from July 2019, and up 2.67% from June 2020. Single family homes sold for an average of $436,142, a 1.39% year-over-year increase from July 2019, and a 3.06% increase from June 2020. Condominiums sold for an average of $225,138, a 0.97% increase year-over-year, and prices are up 2.41% compared to June 2020. Duplex prices dropped 0.41% from July 2019, selling at $331,963, which was a 0.79% increase from June 2020.

“The Edmonton market prices have a slight increase in year-over-year unit sales, as well as month to month sales increase,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “There have also been more sales of single-family homes, condos and duplexes compared to July of last year. Single family home pricing increased 3.06%, duplexes are down 0.41%, and condos are up 0.97% year-over-year.”

Single family homes averaged 49 days on the market, an eight-day decrease from last year. Condos decreased to an average of 63 days on the market while duplexes averaged 55 days on market, a eleven-day decrease compared to July 2019. Overall, all residential listings averaged 54 days on market, decreased year-over-year, and decreased by five-days compared to the previous month

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