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Technology used to overcome impacts of COVID-19 on Edmonton’s real estate market

Technology used to overcome the impacts of COVID-19 on Edmonton’s real estate market
Like many other industries impacted by COVID-19, realtors are finding creative ways to adapt. Chris Chacon explains.

The Realtors Association of Edmonton has released its first quarter market report for 2020 and the numbers aren’t looking too great. But like many other industries impacted by COVID-19, realtors are finding creative ways to adapt.

“Right now is key for us… to just always shift and adapt — shift and adapt in everything that we’re doing to keep everything moving,” Kristin Boser, associate broker with Sarasota Realty, said.

A necessary step in a time when the Edmonton real estate market is taking hit.

READ MORE: COVID-19 costs to City of Edmonton likely between $27M and $112M: report

In the latest report released by the association, the average sale price of single family homes is $404,344 — a drop of nearly 5 per cent from last year. Sales are down about 2 per cent.

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Condominiums sold for an average of $218,613, — up 2.5 per cent from March 2019.

“It’s certainly not business as usual,” Chair of the Realtors Association of Edmonton Jennifer Lucas explained.

“Our realtors have had to pivot overnight in how they conduct their business.

“We’re starting to see an uptick in the use of technology tools like electronic signatures and virtual showings.”

READ MORE: Alberta home builders say construction jobs essential during COVID-19 crisis

A new direction that realtors with Sarasota Realty are embracing.

“The use of technology, virtual showings, virtual evaluations for some clients, virtual open houses we did yesterday is just becoming our new normal,” added Boser.

“We will a see a decline until COVID is resolved and then we’ll start to see the numbers rebound hopefully if we can get that consumer confidence and people back to work,” Lucas said.

From the list date till sold, single family homes averaged 54 days on the market — a six-day decrease from 2019. Condominiums saw an eleven-day decrease at 66 days on the market.