February 2021 Greater Edmonton Area Real Estate Activity

In spite of the February cold spell the greater Edmonton and area Real Estate activity was HOT! The combined residential unit sales increased by 52.1% year-over-year and by 36.8% when compared to January 2021. Leading the charge were sales in the Single-Family category which increased by 40.2% from January followed by Condominiums at 26.7%.

The strong sales demand was reflected in an increase of the year-over-year averages sales prices in all categories. When compared to February 2020, Single-Family homes increased by 7.6%, Condominiums by 8.8% and Duplexes by 6.6%.

The shift to a seller’s market has reduced the overall residential inventory level from February 2020 by 17.6%. While the number of new listings should increase as we move into spring, we are seeing strong demand and multiple offers for desirable properties.

What to expect going forward? Spring is when the market is the most active and there is no reason to believe this year will buck the trend. But what about interest rates? While the recent rise in the bond rate has begun to push the fixed rates higher, when put into perspective they are still historically low.

If you are considering selling, now is the time to prepare your home to look its best to achieve the best results. If you are a buyer, ensure your mortgage pre-approval is complete and you are well informed to pounce when your dream home hits the market.

If you would like any advice regarding buying or selling in this spring market, please send us a quick note and we will be pleased to assist you make the right decisions and realize your real estate dreams.

Until then, with spring springing and vaccines rolling, we look forward to the upcoming sunny days!