Edmonton Real Estate Market Report Jan 2021

Alan Kelly - Bōde's Chief Economist does a deep dive into the supply and demand of real estate in Edmonton moving into January 2021.

In Edmonton, the total supply is down 22% while sales continue to be strong, up 37% from previous years.

This is the 6th consecutive month of exceptionally strong demand in Edmonton. There were 5% more sales in 2020 than in 2019 even with a significant drop from March - May due to COVID.

What does this mean for sellers?

Right now supply is low relative to previous years, and demand is high which means it could be a good time to sell your home. Many people assume January & February is a difficult time to sell a home. However, right now there is less competition and but higher demand than typical, so sellers who price their home well have a good chance of selling quickly. Your specific property value will be determined by market forces both within your community and against similar active listings. To find out what supply and demand look like for your community, go here: https://bode.ca/market-data

What does this mean for buyers?

In Edmonton, there are currently fewer options than there have been in previous years. This means active buyers need to move faster to beat other buyers to the available listings. One way you can move faster is by booking viewings directly through Bōde, so you don’t have to wait for a realtor to schedule your viewings.

It’s critical to understand the dynamics in your local property market

To understand your local property market you need to look at your local data. Bōde's Market Data and Sold Data dashboards are the only place where you have free access to all of Alberta's market data, including being able to filter on property type, price range and community to see exactly what’s happening where you live.