2020 Real Estate Stats (Leduc) Bring Stability and Optimism for 2021

2020 Real Estate Stats (Leduc) Bring Stability and Optimism for 2021

The RE/MAX Outlook for Edmonton area real estate is “likely to continue as a balanced market in 2021” with a predicted “increase of 2% in average price”. Regional Executive VP Elton Ash of RE/MAX Western Canada says that “Despite the tragic impacts of the pandemic, optimism in the strength of Canada’s housing market has always remained”.

2020 continued to be a stable and steady year in our community amidst the pandemic. Leduc had 404 detached houses sell in 2020 compared to 397 in 2019, representing a 1.02% increase in sales. The average selling time was comparable with 56 days on market (2020) compared to 55 days in 2019. The average price increased from $364,969 (2019) to $372,463 (2020), resulting in a 1.02% increase.

Half duplexes and attached residential dwellings had a combined 87 sales in 2020 compared to 89 sales in 2019. They sold 31 days faster, averaging 71 days on market (2020) verses 102 days in 2019. The average sale price decreased 2.80% from $307,079 (2019) to $298,483 (2020).

Fifty nine condos sold in Leduc (2020) compared to 75 (2019), averaging 80 days on market compared to 87 days (2019). Average sales price for condos increased 2.47% with 2020 prices averaging $219,936 compared to $214,626 in 2019.

With numerous industries being affected by Covid-19, we are grateful that real estate in our community and the Edmonton region has remained strong. For homeowners this can bring a sense of security during times of uncertainty. With unprecedented low interest rates, first time and ‘move-up’ buyers will be taking advantage of the market in 2021.