Home Prices
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?
Market Distribution
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.
Enjoy this award-winning frozen attraction built using hundreds of thousands of icicles hand-placed by professional ice artists.
Silver Skate Festival (Feb 7 – 17)
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!
Valentine’s Day at Miller Crossing Farmers Market (Feb 14)
Explore the market to find everything you need to make a special dinner or buy special gifts for your special one.
Winefest Edmonton (Feb 14 – 15)
Swirl, sip and savour the all-inclusive sampling of wines from all over the world and an array of delectable hors d'oeuvres!
Come visit the only theatre and multidisciplinary arts festival featuring women.
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.
We’ve been hearing a lot about “the next decade of interior design.” That’s too far ahead for us.
Everything changes too fast. Here’s what we expect to see in 2020 that we like:
It’s an interesting topic. Everyone has their idea of what “dream home” means. They’re at every price point.
If you’re looking for yours in 2020, read on for tips. If you’re listing, make it someone else’s dream home by staging it that way!
Buying?
Dream homes are not one size or style fits all.
Can you picture your dream home? Try. It’s much easier to find when you know what it looks like!
If you need help getting started, think about the lifestyle you’re after and then imagine your new home at the epicentre of it.
You might want a family home that better suits your active lifestyle, for example. Maybe you’re renting and your dream is to own. Or it could be you’re ready to lock-and-leave as you travel to exotic destinations.
Once you’ve given some thought to your lifestyle and the home that’ll best suit it, think about your budget. The good news is there are dream homes at every price point. It’s all about the fit.
Consider the most appropriate square footage, floorplan and number of rooms. Give some thought to the type of neighbourhood you want to live in.
Selling?
If you’re listing because you want to move – position your property as someone else’s dream home!
Who is the buyer that’ll see it that way? If you understand your home’s key strengths -- based on what people want -- you can enhance them for the sale. This doesn’t mean extensive renovations. You might not get your money back. It means great staging, though.
Stage it yourself or let us help you attract the right buyer. Consider updating colour schemes, furniture and layouts. Give our Interior Design Trends article in this newsletter a quick read.
Whatever you do around presentation, make sure it’s priced right when it hits the market and you’ll have a better chance at selling it quickly.
Make it happen this year!
Talk to me in January about finding your dream home in 2020… or selling your property to fulfill someone else’s dream. I’ll buy the coffee.
