• Edmonton Home & Condo Specialist
    Edmonton Home & Condo Specialist

Residential Unit Sales & Pricing Cools for September

 

Having been in real estate for over 17 years, I can attest that this market has been anything but predictable for the past 18 months that has been driven by pent up demand and lower interest rates. Below is the Realtors Association of Edmonton full report for September 2021.


Edmonton, October 4, 2021:  Realtors Association of Edmonton


Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for September 2021 increased 0.9% compared to September 2020 and decreased 8.4% from August 2021.

New residential listings are up year-over-year, increasing 4.9% from September 2020. However, new residential listings are down month-over-month, decreasing 1.7% from August 2021. Overall inventory in the GEA was down 2.3% from September of last year and decreased 4.1% from August 2021.

For September, single-family home unit sales are down 2.8% from September 2020 and down 7.6% from August 2021 at 1,151. Condo unit sales increased 16.8% from September 2020 and decreased 7.0% from August 2021. Duplex/rowhouse unit sales were down 11.4% year-over-year and down 20.8% month-over-month.

All residential average prices are at $377,554, a 0.3% increase from September 2020 and down 1.9% from August 2021. Single-family homes averaged $453,011, a 2.8% year-over-year increase and a 1.9% decrease from August 2021. Condominiums sold for an average of $224,212, a 3.5% decrease year-over-year, and prices are down 1.5% compared to August 2021. Duplex prices decreased 0.9% from September 2020, selling at $337,236, which was a 5.1% decrease from August 2021.

The MLS® Home Price Index (HPI) composite benchmark price* in the Greater Edmonton Area levelled out at $345,200, a 5% increase from September 2020, and down 0.6% from August 2021.

“The Edmonton market in September saw a healthy increase in new residential listings as compared to September 2020,” says REALTORS® Association of Edmonton Chair Tom Shearer. “However, as to be expected at this time of year, the year-over-year residential unit sales in the GEA were only slightly higher than September of last year, while we have started to see a decrease in the month-to-month activity. Naturally, the market is starting to cool after a very busy 18 months with pricing increasing a nominal amount year-over-year.”

Single-family homes averaged 38 days on the market, a nine-day decrease from September of last year. Condos averaged 56 days on the market, a nine-day decrease year-over-year, while duplexes averaged 42 days on the market, a 10-day decrease compared to September 2020. Overall, all residential listings averaged 44 days on the market, decreasing by nine days year-over-year and increasing by two days compared to August 2021.

*The MLS® Home Price Index (HPI) is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices. It is designed to be a reliable, consistent, and timely way of measuring changes in home prices over time. You can find more information on the following pages.

 

MLS® HPI Benchmark Price*  
September 2021
M/M % Change Y/Y % Change
(for all-residential sales in GEA1)      
SFDbenchmark price $414,800 -0.8% 5.9%
Apartment benchmark price $181,800 -1.1% -1.1%
Townhouse benchmark price $212,800 1.7% 1.8%
Composite7 benchmark price $345,200 -0.6% 5%


 
MLS® System Activity 2021  
September 2021
M/M % Change Y/Y % Change
(for all-residential sales in GEA1)      
SFD2 average3 selling price – month $453,011 -1.9% 2.8%
SFD median4 selling price – month $417,000 -0.7% 4.2%
Condominium average selling price $224,212 -1.5% -3.5%
Condominium median selling price $209,000 -2.8% -4.1%
All-residential5 average selling price $377,554 -1.9% 0.3%
All-residential median selling price $358,000 -1.9% 1.7%
# residential listings this month 3,075 -1.7% 4.9%
# residential sales this month 1,883 -8.4% 0.9%
# residential inventory at month end 7,376 -4.1% -2.3%
# Total6 MLS® System sales this month 2,386 -7.7% 0.3%
$ Value Total residential sales this month $745,269,424 -10.6% 1.5%
$ Value of total MLS® System sales – month $895,199,968 -10.7% 2.0%
$ Value of total MLS® System sales - YTD 9,650,382,404 10.2% 67.6%
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Unit Sales, Prices and Listings Balance in July

 
While real estate markets are cooling nationally, we are still seeing an increase in all residential sales activity in Edmonton. With Edmonton’s affordable housing prices, along with low interest rates which are predicated to rise in 2022, we are anticipating stronger fall sales activity than normal.


Edmonton, August 3, 2021: Realtors Association of Edmonton


Unit sales in the Greater Edmonton Area (GEA) real estate market for July 2021 increased 2.1% compared to July 2020 and decreased 18.9% from June 2021.

New residential listings are up year-over-year, increasing 9.3% from July 2020. However, new residential listings are down month-over-month, decreasing 16.9% from June 2021. Overall inventory in the GEA was down 0.5% from July of last year and decreased 0.1% from June 2021.

For July, single-family home unit sales are down 2.1% from July 2020 and down 20.9% from June 2021 at 1,325. Condo unit sales increased 11% from July 2020 and decreased 19.6% from June 2021. Duplex/rowhouse unit sales were down 1.1% year-over-year and down 14.2% month-over-month.

All residential average prices are at $389,756, a 5.4% increase from July 2020 and down 2.1% from June 2021. Single-family homes averaged $466,091, a 6.8% year-over-year increase and a 1.3% decrease from June 2021. Condominiums sold for an average of $240,096, a 6.7% increase year-over-year, and prices are down 0.8% compared to June 2021. Duplex prices increased 7.6% from July 2020, selling at $357,064, which was a 0.5% increase from June 2021.

The MLS® Home Price Index (HPI) composite benchmark price* in the Greater Edmonton Area leveled out at $349,600, a 7.2% increase from July 2020, and down 0.2% from June 2021.

“The Edmonton market in July saw a balance in residential unit sales,” says REALTORS® Association of Edmonton Chair Tom Shearer. “The year-over-year residential unit sales were only slightly higher than July of last year, while we have started to see the monthly activity cool as we get later into the summer season. Pricing has also begun to balance – with nominal year-over-year increases and little change in month-over-month figures. We are still witnessing a strong market, with some balanced activity for July.”

Single-family homes averaged 33 days on the market, a 16-day decrease from July of last year. Condos averaged 54 days on the market, a 9-day decrease year-over-year, while duplexes averaged 37 days on the market, an 18-day decrease compared to July 2020. Overall, all residential listings averaged 39 days on the market, decreasing by 15 days year-over-year and increasing by three days compared to June 2021.

*The MLS® Home Price Index (HPI) is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices. It is designed to be a reliable, consistent, and timely way of measuring changes in home prices over time. You can find more information on the following pages.
 

MLS® HPI Benchmark Price*  
July 2021
M/M % Change Y/Y % Change
(for all-residential sales in GEA1)      
SFDbenchmark price $420,100 -0.1% 8%
Apartment benchmark price $185,900 -0.2% 1.3%
Townhouse benchmark price $212,500 -0.5% 3.8%
Composite7 benchmark price $349,600 -0.2% 7.2%

 
MLS® System Activity 2021  
July 2021
M/M % Change Y/Y % Change
(for all-residential sales in GEA1)      
SFD2 average3 selling price – month $466,091 -1.3% 6.8%
SFD median4 selling price – month $425,000 -0.2% 5.9%
Condominium average selling price $240,096 -0.7% 6.7%
Condominium median selling price $222,000 -0.4% 8.3%
All-residential5 average selling price $389,756 -2.1% 5.4%
All-residential median selling price $366,500 -1.2% 4.7%
# residential listings this month 3,446 -16.9% 9.3%
# residential sales this month 2,208 -18.9% 2.1%
# residential inventory at month end 8015 -0.1% -0.5%
# Total6 MLS® System sales this month 2,763 -20.0% 2.0%
$ Value Total residential sales this month $900,375,906 -21.4% 7.6%
$ Value of total MLS® System sales – month $1,078,390,947 -21.2% 7.4%
$ Value of total MLS® System sales - YTD $7,755,975,057 16.1% 93.6%
 
1 Greater Edmonton Area (Edmonton and municipalities in the four surrounding counties)
2 Single-family Dwelling
3 Average: The total value of sales in a category divided by the number of properties sold
4 Median: The middle figure in an ordered list of all sales prices
5 Residential includes SFD, condos, duplex/row houses and mobile homes
6 Includes residential, rural and commercial sales
7 Includes SFD, condos, duplex/row houses and mobile homes
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Edmonton, April 5, 2021: Realtors Association of Edmonton News Release


In summary, year-to-date, condo sales are up +48%, compared to 2020; single family home sales are up +81%.  Condo new listings are up +26%; single family home new listings are up +17%, over 2020. Single family home prices are up +4.6% , and condo prices have held relatively steady at -0.5%. 


Total residential unit sales in the Greater Edmonton Area (GEA)* real estate market for March 2021 increased 109.9% compared to March 2020 and increased 52.8% from February 2021. The number of new residential listings is up year over year, increasing 51.6% from March 2020. New residential listings are also up month over month, increasing 55.7% from February 2021. Overall inventory in the GEA fell 13.4% from March of last year and increased 11.5% from February 2021.


For March, single-family home unit sales are up 118.2% from March 2020 and up 53.5% from February 2021 at 1,586. Condo unit sales increased 79.6% from March 2020 and increased 51.9% from February 2021.


All residential average prices are up to $391,219, a 13.7% increase from March 2020, and up 3.5% from February 2021. Single-family homes sold for an average of $457,936, a 13.3% year-over-year increase from March 2020, and a 4.6% increase from February 2021. Condominiums sold for an average of $229,690, an 5.2% increase year-over-year, and prices are down 0.5% compared to February 2021. Duplex prices increased 11.1% from March 2020, selling at $348,280 which was a 1.5% increase from February 2021.


“The Edmonton market in March saw a significant increase in year-over-year residential unit sales as well as month-to-month sales,” says REALTORS® Association of Edmonton Chair Tom Shearer. “There have also been more sales of single-family homes, condos and duplexes compared to March of last year as well as last month. It is important to keep in mind what we experienced last March with the global pandemic and provincial lockdowns as it relates to the impact on year-over-year numbers. With that said, we are still witnessing a very strong start to the spring market.”


Single-family homes averaged 37 days on the market, a 17-day decrease from March of last year. Condos averaged 53 days on the market, a 13-day decrease year-over-year, while duplexes averaged 39 days on market, a 29-day decrease compared to March 2020. Overall, all residential listings averaged 42 days on market, decreasing by 18 days year-over-year and decreasing by 10 days compared to February 2021.

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I have listed a new property at 13103 132 AVE in Edmonton. Zone 01, Edmonton  $299,999 
Like NEW, CORNER UNIT 2 story townhouse triplex in North Central Athlone Community with DOUBLE GARAGE. Loads of value in this 3 bedroom + 3 bathroom home with unfinished basement and a front yard. Open concept with roughed in fireplace, laminate floors and plenty of windows throughout. Upgrades include granite countertops,, soft swing up cabinets, upgraded light fixtures and appliances include LG fried, Boshe dishwasher, top down – bottom-up blinds, and A/C. Upstairs features 3 spacious bedrooms, laundry, and another full bathroom. A king-sized master bedroom with 5 piece ensuite with a walk in shower/ soaker tub and a king sized walk in closet. Basement is unfinished with roughed in bathroom waiting for your personal touch. Quiet and conveniently located Althalon location with famous Hathaway Diner, daycare and bus stop across the street. Four schools within walking distance including Athlon Elementary/ J.R. School, Wellington Community League with skating and ball park, and NEW public library.
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I have listed a new property at 10528 180 AVE in Edmonton. Zone 27, Edmonton  $499,999 
Extraordinary custom built home in North Edmonton, Chambery with high quality craftmanship. This 3 bedroom + loft + 4 bathroom + triple garage was constructed with polystyrene foundation, stucco exterior and aggregate driveway and walks. Open floor plan with dramatic vaulted ceilings, curved walls, tons of windows and $40k of custom railings. Gourmet kitchen featured raised eating bar for entertaining, granite countertops and gas store. Upstairs you will find 2 bedroom and a loft with laundry room. Both bedrooms have their own ensuites. The loft is a dream home office filled with light and views. Basement is fully finished wit family room full bathroom and bedroom. The house comes with a commercial style TV with sound system that is wired throughout the entire house. Attached triple garage (tandem) is every mans dream with 220v, high ceilings and epoxy flooring. Professionally landscaped with 2 green houses and RV parking. Located across the street from a park and a future elementary school.
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Copyright 2021 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.