Spring is off to a great start with an ultra hot real estate market in Edmonton boosted by strong sales and an increase in home prices across all residential units averaging 14.4%.
Read on to find out more about 2021’s strong housing market and learn how to navigate Edmonton’s hot real estate market without getting burned.
Seller’s market continues in Edmonton for Spring/Summer 2021
Real estate sales are white hot in Edmonton right now. Edmonton home sales for the month of March saw a whopping 1,102 single-family homes sold in Edmonton. That’s not just a good month for sales year-over-year, it’s a good month for sales, period! And this is just the start of the year’s busiest home selling season.
As the pandemic continues to shift priorities for all of us (particularly a desire for more flexible living space), home buyer demand has steadily outpaced the supply of available homes for over a year now. While there are signs that more inventory is coming onto market now, it’s still very much a buyer’s market. According to a recent article in the Edmonton Journal, houses are selling more than 50% above asking price in some parts of the country. In Edmonton about 21% of homes are sold over the list price.
Looking for Edmonton acreages for sale? Check out current listings now.
Inventory slowly recovering from supply shortage
People who may have been hesitant to list their homes over the past year are taking heed of just how quickly sold signs are popping up around them. Real estate experts predict the number of listings to continue to increase as we head into the busiest months for sales.
Compared to March 2020, new residential listings are up 53.2% and are up 57.7% compared to February 2021. This is good news for homebuyers who will continue to have more options to choose from.
Low interest rates encouraging first time homebuyers
The Edmonton real estate market has been stoked by a surge in first-time home buyers. Low-interest mortgage rates coupled with savings accumulated over the past year have encouraged many first time buyers to take the dive into the real estate market.
Many first time home buyers are seizing this opportunity to get out of the rental game and start building equity. Low interest rates are especially enticing and make purchasing a condo, townhome, or duplex much more accessible for first timers. Responsible first time buyers are able to transition to home ownership while keeping their total monthly costs the same or only marginally higher than renting.
Check out current downtown Edmonton condos for sale
Edmonton house prices on the rise
In March 2021, the average sale price for single-family homes in Edmonton was up 13.9% compared to last year at $470,000. This is an increase of 5.3% compared to February 2021.
The average sale price of condos in Edmonton was $222,000 which is a YoY increase of 2.8% and MoM of 4.1%. Row house or duplex prices in Edmonton also saw a boost of 11.5% YoY and 2.0% MoM.
Days on market across all categories is also down considerably compared to last year.
Think you can handle the heat?
You don’t need a symptom checklist to see that many Canadians are catching the real estate fever in this hot market! It’s easy to get caught up in the frenzy, but a measured approach is still key.
As a seller or buyer, it’s incredibly important to enlist the help of a trusted Realtor® who can be an invaluable source of advice and expertise to help you navigate this fast-paced market.
Even in a hot market, cooler heads will prevail and ultimately make the most of this considerable opportunity.
Ready to list or have a list of homes you’re ready to see? Call/text Wally at 780-238-7384 for a consultation today!