Welcome to Bōde's Edmonton real estate market report for March 2021. I'm going to show you what's happening at a macro level in Edmonton in terms of supply, demand and property prices. Then I'm going to show you how you can see all of the data for your own specific community, property type or price band. So you can do your own analysis of the market. The first thing you need to understand to analyse the home market is you have to look at supply and demand. I'm looking at the greater Edmonton area, all residential listings, and the number of new listings that have come to the market each month for the last three years.
You can see typically there are more listings in the spring and summer months and fewer listings in the winter. In the most recent month, February 2021, new listings are up about 5% versus the average of the previous three years. More listings came to market in February than you would typically expect. On the sales front, home sales are way up in February 2021 versus previous years. This is continuing a very strong run of sales that we saw beginning in the middle of 2020 and running through to today. There's a lot of demand from buyers out there right now, people thinking of changing up their home space and perhaps getting more space moving further away from the centre of the city. So fewer new listings relative to demand or sales means that overall, the total number of listings or total inventory is down 21% versus the average for this time of year.
There are fewer homes for sale than there would normally be, which means buyers have a smaller selection.
This is good news for sellers - they have less competition when they're looking to sell their home. If we take a look at supply and demand together to look at the months of supply. This is given the number of homes for sale at the moment and the current pace of the sale. How many months would it take to sell through all of that inventory? We're at about three and a half months of supply in total in Edmonton. That's lower than what is typical for this time of year. Typically, lower months of supply play tends to favour sellers. It makes it a sellers market while higher months of supply makes it more of a buyer's market. Right now we're definitely seeing (in terms of the supply and demand) that the Edmonton real estate market favouring sellers a little bit more now than it has in the past.
So what does all of that mean for prices?
Well, if we zoom out and take a look over the last 15 years, we can see that prices and Edmonton peaked in 2007, since then, they've been relatively flat over those 13 or 14 years. If we look now just in the last nine or 10 months, there's been a bit of upward movement prices have increased by about 2% in the last year.
This was an overview of the market, but what really matters is what's happening in your specific community, for your price band, for your property type, and abode. We've created a suite of tools where you can look at all of that information and all of that data yourself for free. So the first tool we've created is something called "market data". This tool lets you do a very similar kind of analysis. You can quickly see what's on the market and what's sold at a community level. You can look at the same supply and demand dynamics and see trends, prices, and price per square foot.
Then we've also created a "sold data" tool where you can check out what any property is sold for in the last 10 years. You can search by address or search by the community and find out what, what sold and what price it sold for. www.Bode.ca/sold-data Finally, we've created a "comparables" tool where you can enter eight features of your home, see the most similar live listings, and the most similar recently sold listings as well and what they sold for. We give you a match score that compares how similar are these other properties to your home. You can check all of those out at www.bode.ca, and find each of those tools, market data, sold data and comparables. So head on over to boat.ca and check those out and tune in next month for the latest Edmonton home market report.
Thanks very much.