What is Happening in Real Estate?
It is that time of the month to let out the market update for March 2021 and we are excited to break it down for you. There’s tons of info out there about how hot the market is, and some of it is very true! However, to get a better understanding of what is going on in Real Estate, we feel it’s important to look at the below 4 key markers that we’ve taken from the Edmonton Real Estate Board and giving you an explanation into what is it means.
1) Total unit sales in the Greater Edmonton Real Estate Market for March 2021 increased 109.9% (wow) compared to March 2020.
Things are busy out there. We continue to see a large wave of first time buyers entering the market, as well as folks moving out of condos, and into the single family home. The ripple effect will be felt for months.
2)Single-family homes sold for an average of $457,936, a 13.3% year-over-year increase from March 2020, and a 4.6% increase from February 2021.
Again, If you listed a single family home in March, chances are it sold quick, and for more than list price.
3) Condominiums sold for an average of $229,690, an 5.2% increase year-over-year, and prices are down 0.5% compared to February 2021.
Here’s the catch. There has been a run on single family homes. Typically because they represent space and room to call your own during Covid measures. In some cases people are exiting condos, but it remains a fantastic affordable option for buyers as starter home prices escalate. We are also seeing landlords listing rental condos to unload underperforming areas of their portfolios while times are good. We see just a modest decrease of 0.5% m/m but it almost seems like a decrease compared to the Single Family gains.
4) Duplex prices increased 11.1% from March 2020, selling at $348,280 which was a 1.5% increase from February 2021.
Duplex is very similar to single family and has remained strong.
These 4 points spell out what we are seeing. A very strong need for single family inventory that started with a wave of purchases in the starter home level, but has cascaded through the entire market. Right now pricing a home with a fair price is almost always guaranteed to sell in under a month. Condominiums are selling but much slower.
Many of us are looking for a change of scenery, whether that is Covid fuelled or not, the idea for something different seems to be what is happening and people are acting on it listing, and or buying homes.
If you would like us to tell you what your home is worth, please reach out. We do this every day and you are not wasting our time! Email us at email@example.com
The Beech Woolger Team.