Gradual Recovery Continues…August 2020 Market Information
Wed, 09 SepLast month I talked about how the market felt like a Spring market. This month the gradual recovery from COVID 19 lock down continues. Mortgage interest rates at a 50 year low are driving buyers into the market. Anecdotally, multiple offers are frequent and some price ranges in certain locations are crying out for more inventory.
For the City of Edmonton ONLY, all product categories are up MONTH OVER MONTH. All residential is up 1.5%, Single Family Dwellings are up a mere .4% while condos increased 2.3% and Duplex Row Houses 1.7%. YEAR OVER YEAR, All Residential is up a slim .3% and SFD 1.5%. However Condos and Duplex/RH are down 4.1%.
The SFD and Duplex/RH categories are in a seller’s market position with 3.5 and 3.0 months of inventory. While the overall inventory and condos are in a buyer’s market position with 7.5 and 7.0 months of inventory respectively.
It is still a great time to buy or sell. If you need further information regarding your specific needs, please reach out to me via text at 780-893-9987 or email at melody@melodykilbank.com.
All About You. Really.