Seasonably Predictable
February brought us some pretty cold temperatures which is seasonally predictable for Edmonton. The residential real estate market was also seasonably predictable. Overall we saw an uptick in all categories for inventory numbers. This brings about more competition for sellers and puts buyers in a more favourable market to purchase.
Average prices also were up year over year marginally for all product types by .3%. Condos and duplex/row houses took a downward hit of 6.2% and 3%. The better news is that all residential average prices were up by 1.5% month over month. As well, houses and condos were up 4.7% and 2.3% respectively. The duplex/row house products suffered a down swing at 7.5%. This was the category which was predicted to have the most activity and increase for 2020.
We are still in a buyer’s market position in each product category with the exception of houses. There has been some absorption and they are sitting in a balanced market position with 5.5 months of inventory.
Anecdotally, buyers looking for houses in specific neighbourhoods may have to wait for their “pick” to come on the market. There is not a lot of inventory from which to choose.
As always, if you or someone you know could use the services of a professional REALTOR(R), please give me a call at 780-893-9987.
