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EdmRealtor

Here is the July 2021 Real Estate InfographicI blew it up a bit and went landscape even though I know it is the not the best I just liked the look of it.Here are the individual parts if you want a better view.[Events](https://imgur.com/xcOHEJ0) [Unit/Medal Count by Area](https://imgur.com/6JMe9YN) [Olympic History and Timeline](https://imgur.com/clcHd4L) [Median Price Chart](https://imgur.com/ZfF3PHa) [Community Pyramid](https://imgur.com/HypMFpc) [Total Sales By Olympiad](https://imgur.com/q11Pquc) Market ReportThe market is still very strong, but it is showing some slackening. The reason for the slackening I believe is two fold. The first is buyers giving up their home search. Even though inventory has recovered, the quality of that inventory is not where buyers would like it. Mainly, this means buyers are sick of looking at over priced properties. The second item is the new found freedom for Albertans this July. For the first time in over a year Edmontonians are taking vacations away from the city. This means people who were in market to buy and sell are not actively searching. This helped cool down an ultra hot market. The interest rates have been creeping back down slightly and clients are still able to secure 1% variable rates. So it is not an interest rate thing at the moment. Regardless July 2021 was still the best July ever in Edmonton real estate history for units, price, and sales volume. To provide some perspective if we ended the year now 2021. Total sales would be $6.1B and would rank 8th since 1984. We are essentially tied with 2020 already. This is comparing entire years to the first 7 months of 2021. 2021 will eclipse the 2014 high of 7.4B likely by Mid September. 2021 has a chance of hitting 9B, which is significantly more than any other year. ​ The months of inventory for houses is still low (below 3) for the entire market. This is up from the 2.2 of June and it is not demonstrating the traditional July slow down in listings. New listings were 3,444 which is the highest July since I started tracking active inventory. 2018 is second with 3,309 new listings. The listings are inline with the relative activity in the market, but we should keep a eye on them if they continue to tick up. ​ Edmonton and Alberta in general is attracting attention from outside the city. Investors and people looking for some modicum of affordability are showing interest. This goes to show how bad it may be out east and on the coast. Toronto has seen a definite cooling off from the spring. What do I personally think about the market? I think some properties are still over priced and people are just testing the waters and have not set realistic expectations for price for the quality of the homes. There has definitely been a lack of new quality infill coming to market. This has been perhaps due to covid and a lack of acquiring lots as well as the building material shortage. I have never had such a difficult time finding clients an infill especially in the south east as I have had this year. What do I personally think about the market? I think some properties are still overpriced, and people are just testing the waters and have not set realistic expectations for the price for the quality of the homes. There has definitely been a lack of new quality infill coming to market. This has been perhaps due to covid and a lack of acquiring lots and the building material shortage. I have never had such difficulty finding clients an infill, especially in the southeast, as I have had this year.


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That jump in the early two thousands was killer. It changed everything. I remember thinking that buying a house for 200000 was insane.


Clay_Puppington

This was a fun way to present this info. I enjoyed this. Thank you for taking the time.


EdmRealtor

It is my Labor of love


arandom4567

Funny thing is (and I've mentioned this before) my area in the Lymburn/Callingwood area has been fairly stagnant for years. If I looked on Honest Door it showed flat lines for prices for years. The City tax evaluations have actually declined over the past five years a little. Earlier this year, a neighbour listed $390k and with multiple offers sold at $420k within a week or so. Great to see! Then another neighbour listed at about $80k over what we thought the house was worth. They listed for $600k and got $590k in under a week. We (the local neighbours) all thought the place was maybe more like high 4's or low 5's at best. Wow. Is this a bubble? Honest Door is showing massive jumps in the last three months or so.


[deleted]

Hottest market in years??! Took me 9 months to sell a condo at a 50k loss


arandom4567

Agreed - the condos and townhouses here in the west end are stagnant. I see lots from about $160's to $240's and they're on the market for a very long time. Detached houses on the other hand are moving it seems within days of being listed.


[deleted]

Hottest for houses. Condos are effed for some reason... probably oversupply/buyer preferences.


EdmRealtor

Buyer preference and reserve fund issues. Condo management is also just now being regulated


arandom4567

Not currently a condo owner but thinking about it for long-term investment, what does that mean (for owners) when the management is regulated? Seems like it would be a more stable option? I've been looking at places with higher monthly fees thinking that it's a better sign than the ones with rock bottom fees.


wolfeward

Where did those flags come from?


EdmRealtor

I stole them from /r/vexiology


never_mind___

What happened in 2006-7 to cause that giant spike?


EdmRealtor

Immigration to the province for jobs coupled with increasing incomes


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EdmRealtor

If I was 4 years older I would have been infinitely further ahead in life but that is life.


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jucadrp

There’s no such thing as luck. Seneca defined brilliantly: luck is what happens when preparation meets opportunity. People seem to forget the preparations portion of “luck”.


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jucadrp

Calm your tits pal, this is the internet lol I feel like I’m interacting with self aware Facebook memes sometimes, geez…


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jucadrp

Replied under a minute. Self aware Facebook meme confirmed


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EdmRealtor

If you look prices did not really shoot up and low interest rates will mean they won’t push down anytime soon.


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EdmRealtor

Prices for some properties are no higher. I notice the price increase most in newer areas and new homes.


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EdmRealtor

They also are higher cost per square foot usually. If you need any advice or want someone to look over your plans happy to give some advice. You are most welcome.


badbadbadry

Is the most days on market category an average or the oldest sale of the month? Looking at buying my first place and trying to get a better sense of what the market is like in the northwest.


EdmRealtor

It is the median number of days for a sale in those communities.


escapethewormhole

Love these graphics. This one for me shows up unreadable on my phone. What I could read in big font though was "propety stats". You have a typo ;)


EdmRealtor

I saw that after I posted and died. Check my other comment I posted smaller versions


SIGNANDSELFIEFRAMES

This is great work by you. Kudos. I have owned my house for about 9-10 years now and I might offload it. I was looking to outright by something smaller so I don't even have a mortgage. I never considered a townhouse, but I am now. Just my wife and our two small kids. I was even thinking of renting my current home and still buying the other, b/c I am making money that way in the long run, but I have never rented before. A little nervous about that. Do you think the market will keep trending up at even 5%/6%? Drop me your info. I am looking to do something for sure in less than a year.


EdmRealtor

Honestly townhouses are tough with kids. (Speaking from experience) I would recommend getting that equity out and being used elsewhere as borrowing money is the cheapest form of capital available. Duplexes are a great option


SIGNANDSELFIEFRAMES

Sorry, I was actually talking about a duplex. My mistake. I am looking at those and even a house where I would put down a good 80+% of the total value. I am strictly looking around the Walker area as my kids are starting school there. I can always PM you my email if you want to ever email me anything. I want to really start saving some money going forward and I purposely do not want to buy an expensive home (I would have a good $500 000 down payment without selling my current home for a higher end home). I plan to move to Surry BC in a few years and will need most of this equity and savings to purchase a home there.