• 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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COVID-19 EDMONTON REAL ESTATE SERVICES

Edmonton Realtors are taking every precaution to minimize the risk of exposure as we continue to assist buyers and sellers. Here are some protocals and important information from Real Estate Council of Alberta (RECA) that  we have passed on to our clients to .help reduce the spread of illness.


We have noticed a slowdown in the market over the past month and a half, but we are still working with buyers and getting offers. It is our priority to get your home sold and although volume is down, sales are still happening. 

Showing Tips For Sellers and Buyers


1. Sellers and buyers are  requesting health and recent travel information from potential buyers and their professionals before any showing to give the seller an indication of any risk. Buyers and sellers are obligated to either be truthful or simply decline to answer. Seller that they have no duty to show the property if they are uncomfortable with any presented risk* (RECA).


2. If you have become ill or must self-quarantine please inform your agent as soon as possible. In this instance, the Realtors Association of Edmonton requires a temporary withdrawal of your listing from the MLS system. A typical withdrawal would last 10 days, but we are  allowing a longer temporary period. During a temporary withdrawal, the total “Days On Market” does not increase. The number of “Days On Market” will begin again once the listing is active again on the market. If you require a temporary withdrawal, please let your agent know so they can put together the necessary documents.  (RECA).


3. Set out obligations and procedures for viewings and home inspections in writing.


4. We create a marketing video showing a tour of the house to reduce the number of viewings.


5. We offering a virtual video tour so that you can consider only allowing viewings for serious buyers.


6. Making viewings conditional on buyer’s and their representatives wearing nitrile gloves, masks, or the use of anti-microbial, alcohol-based hand sterilizer, depending on the availability of these items. Remember the viewing terms may be subject to negotiation between the parties, and may be impacted by the availability of gloves, masks, etc.


7. Please leave all lights on, blinds and window coverings open, and interior doors left open before a showing.


8. Please do not be present for showings.


9. Remember to disinfect all door knobs, and switches after the showing.


10. If your home is being photographed for listing purposes, please note that photographers will not proceed if the home owner is present. They also will not switch on any lights, lamps or fireplaces, or pick up or move any miscellaneous items left out. Homes will be photographed as-is, so please take extra time to prepare. Our stagers can walk you through the items that need to be addressed.


11. Real estate professionals should not enter into new seller representation agreements that include hosting of open houses until the risk of COVID-19 spread is reduced and government lifts COVID-19 restrictions (virtual open houses are not impacted by this)  (RECA).


12. We use electronic signatures for signing documents.


13. You can conduct financial transactions and real estate closings electronically.


14. If in person meetings are required, maintain a safe distance of at least six feet (two meters) at all times for viewings and inspections:

a. take steps to limit the surfaces people will need to touch

b. require all visitors to wear gloves and masks, if available.


Please reach out if you’d like more information on how COVID-19 is affecting the Edmonton Real Estate Market. And please, stay strong and safe.


Alison Murray, B.Comm

Remax Real Estate

C. 780.619.9812

E. Alison@infoEdmonton.ca

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While it has been a challenging year, I still sold 95% of all of my listings!

The latest statistics are out from the REALTORS ASSCOCIATION OF EDMONTON for the month of December 2018.

Key highlights to take away:

  • Median Condo price is down -3.10%, Y/Y

  • Median Single Family Home price is up +0.66%, Y/Y

  • Number of Total Inventory is up +9.69%, Y/Y

  • Number of Total Sales is down -19%, Y/Y

In summary, the Chair of the association has said "it was a challenging market for both buyers and sellers, and it apprears 2019 will be similar".

Visit www.infoEdmonton.ca  for the 2019 Realtors Housing Forecast Seminar summary. 

Please feel free contact me any specific question you may have. Call 780-619-9812, or email at Alison@infoEdmonton.ca.


Alison Murray, BCom
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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.