The results are in. The 2019 home price for Edmonton, based on sales, was $360,262. That was down 3.09 percent from $371,748 in 2018. Looking back, the price rose for three straight years from $367,055 in 2014 to $376,771 in 2017 before a weakened economy drove markets down slightly in 2018 and 2019. It’s difficult right now to predict what’s going to happen next. Some experts believe we’re at the bottom of the market (a great time to buy)! What do you think Edmonton’s home price will be in 2020?
Sold vs New Listings
With 16,557 Edmonton homes sold last year, 2019 was the worst-performing year in the last six. When sales volume is low and supply grows due to new listings, we typically call it a buyer’s market. If you’re selling, you might need to wait for a while before you find a buyer and then you might get a lower offer than what you’re hoping to see. Despite fewer sales in 2019, supply was also lower, tempering this dynamic. The sold-to-listings ratio actually rose by several percentage points.
Time to Sell – Average Days on Market
For five years in a row in Edmonton, the Time to Sell has risen. In 2019, it took an average 64 days (more than two months) to sell a property. In 2014, when sales volume was higher and there were fewer listed properties to choose from, that number was 48 days. If you’re buying in Edmonton, the last few years of lower sales and higher supply have meant there’s been plenty to look at. If job growth and other factors improve, we could see that situation change, with lower supply and faster sales. What do you think is going to happen in 2020?
Look at the infographic and you’ll see that the vast majority of Edmonton’s home sales activity for 2019 occurred at prices below $800,000. The highest volume (3,596 sold) was in the $300,000 to $399,999 price range. Five properties were purchased for $2-$3 Million. Only two sold for more than $3 Million last year.
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Have fun with your entire family in this longest winter festival in Edmonton. Discover breathtaking snow sculpture, winter sports, live music, and much more.
Experience the night sky with fellow enthusiasts at Astotin Lake after dark!
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If you want to live in an Edmonton neighbourhood with the best of all worlds, you should take a look at Strathcona.
Here, it’s an easy drive downtown or to the University of Alberta and a nice walk to the North Saskatchewan River Valley or the Mill Creek Ravine.
The real estate is a mix of older, character homes in great condition (some 100 years old) and modern apartments and condominiums, high- and low-rise.
At the centre of it all is hip, artsy Old Strathcona with its historic town feel and bustling, main artery, Whyte Avenue. Whyte’s famous for its art galleries, pubs and night clubs, trendy boutiques, theatre venues, international restaurants and coffee shops.
It’s a world class festival hub in the summer, with all kinds of live music and entertainment. As of 2019, Strathcona’s roads and sidewalks are getting re-surfaced and decorative, new streetlamps are being installed. The improvements are scheduled for completion in 2021.