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)
SFD2 benchmark 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%

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.

Alison Murray
780-619-9812
alison@infoedmonton.ca

 Realtors Association of Edmonton | August 3, 2021:

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)
SFD2 benchmark 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

Pent-up demand, and home is more important than ever: Residential Unit Sales up 35.55% compared to September 2019.

Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for September 2020 increased 35.55% compared to September 2019 and decreased 0.21% from August 2020. The number of new residential listings is up year over year, increasing 10.37% from September 2019. New residential listings are up month over month, increasing 5.90% from August 2020. Overall inventory in the Edmonton CMA fell 15.15% from September of last year and decreased 4.04% from August 2020.

For the month of September, single family home unit sales are up 42.79% from September 2019 and stayed the same as August 2020 at 1,188. Condo unit sales increased 7.26% from September 2019 and decreased 2.21% from August 2020.

All residential average prices are up to $376,571, a 7.14% increase from September 2019, and up 0.54% from August 2020. Single family homes sold for an average of $440,020, a 4.73% year-over-year increase from September 2019, and a 0.11% increase from August 2020. Condominiums sold for an average of $232,237, a 6.74% increase year-over-year, and prices are up 1.34% compared to August 2020. Duplex prices dropped 0.89% from September 2019, selling at $340,519, which was a 0.58% decrease from August 2020.

“The Edmonton market has seen an increase in year-over-year unit sales, compared to a slight decrease in month to month sales,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “There have also been more sales of single-family homes, condos and duplexes compared to September of last year, while we’ve seen stable or decreasing month over month sales in all markets, which is typical for this time of year. Single family home pricing increased 4.73%, duplexes are down 0.89%, and condos are up 6.74% year-over-year.”

Single family homes averaged 47 days on the market, a twelve-day decrease from last year. Condos decreased to an average of 65 days on the market while duplexes averaged 52 days on market, a fifteen-day decrease compared to September 2019. Overall, all residential listings averaged 53 days on market, decreasing by 10 days on market year-over-year and one day compared to the previous month.

Edmonton, October 2, 2020: 

MLS® System Activity 2020	September 2020	M/M % Change	Y/Y % Change
(for all-residential sales in Edmonton CMA1)
SFD2 average3 selling price – month	$440,020	0.11%	4.79%
SFD median4 selling price – month	$400,000	-2.44%	4.79%
Condominium average selling price	$232,327	1.34%	6.74%
Condominium median selling price	$218,000	1.40%	9.00%
All-residential5 average selling price	$376,571	0.54%	7.14%
All-residential median selling price	$353,000	-0.62%	7.56%
# residential listings this month	2,981	5.90%	10.37%
# residential sales this month	1,872	-0.21%	35.55%
# residential inventory at month end	7,248	-4.04%	-15.15%
# Total6 MLS® System sales this month	2,386	0.00%	39.04%
$ Value Total residential sales this month	$736,447,527	0.30%	44.80%
$ Value of total MLS® System sales – month	$880,354,871	-0.09%	46.05%
$ Value of total MLS® System sales - YTD	$5,887,591,108	17.49%	1.28%

(REALTORS ASSOCIATION OF EDMONTON MEDIA RELEASE)

Realtors Association Edmonton real estate stats are out for the month of April 2020 and as expected we are seeing the effects of social distancing. Home sales and listings down amid COVID-19, new tools and practices emerge to help buyers and sellers adapt.

“The Edmonton market experienced a significant decrease in year-over-year unit sales, with some downward impact on pricing,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “Of course, with the outbreak of COVID-19 and the social distancing measures currently in place, this type of market decline is not surprising. There have been significantly fewer sales of single family homes, condos and duplexes than in April of last year. Single family home pricing decreased 4.14%, duplexes are down 0.30%, and condos are down 2.42% year-over-year.”

Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for April 2020 decreased 55% compared to April 2019 and decreased 35.68% from March 2020.

The number of new residential listings is down year over year, decreasing 46.37% from April 2019. New residential listings are down month over month, decreasing 30.66% from March 2020. Overall inventory in the Edmonton CMA fell 19.65% from April of last year and decreased 0.15% from March 2020.

For the month of April, single family home unit sales are down 55.39% from April 2019 and down 34.53% from March 2020. Condo unit sales decreased 58.77% from April 2019 and decreased 42.01% from March 2020. Single family homes averaged 58 days on the market, a three-day increase from last year. Condos stayed the same as last year at 71 days on the market while duplexes averaged 74 days on market, a seven-day increase compared to April 2019. Overall, all residential listings averaged 64 days on market, a 6.67% increase year-over-year, and increased by four days compared to the previous month.

• All data from REALTORS Association of Edmonton

While selling activity has been cut in half, people are still buying and selling. We have also been spending this past month providing complimentary selling consultations and helping clients prepare their homes for sale. And over the past week we have seen dramatic increase on online views of our Google business page and property listings.

If you find yourself in a position where you do need to sell in the near future –we will do everything we can to navigate you through this time and together start developing a plan that best suits your needs and your specific property. With your best interest in mind, we will get in front of the market and get you the most out of your home.

We are here to help!

Alison Murray, B.Comm, REALTOR
REMAX REAL ESTATE
C. 780.619.9812
E. Alison@infoEdmonton.ca

Edmonton’s housing market saw steady home buyer demand to begin March and a leveling off of activity as the month went on and concerns about the COVID-19 outbreak intensified.

Many of the sales recorded in March were in process before the provincial government declared a state of emergency.

 
“The Edmonton market prices have declined in March and we saw a slight decrease in year-over-year unit sales,” says Realtors® Association of Edmonton Chair Jennifer Lucas. “Of course, with the outbreak of a global pandemic and a hard hit to Alberta’s oil and gas sector, this type of market slowing is not surprising. There have been fewer sales of single family homes, condos and duplexes than in March of last year. Single family home pricing decreased -4.64%, duplexes are down -6.28%, and condos are up +2.50% year-over-year.”

The Realtors Association of Edmonton reported that all residential home sales in the region Edmonton Census Metropolitan Area (CMA) for March 2020 decreased -2.59% compared to March 2019, and increased +10.31% from February 2020. For the month of March single family home sales were down -2.02% from March 2019, and up +13.59% from February 2020.  Condo sales decreased -2.04% from March 2019 and increased +1.41% from February 2020.

All residential average prices were down -3.78 % from March 2019, and down -1.97% from February 2020. Average single family home prices saw a -4.64 % decrease from March 2019, and a -5.13% decrease from February 2020. Condominiums sold for an average of $218,613, a +2.50% increase year-over-year, and prices were up +2.87% compared to February 2020.

• All data from REALTORS Association of Edmonton

Realtors were named among the province’s list of essential services. This means that we have a responsibility to do what we can to help residents meet their housing and shelter needs while strictly following the most up-to-date public health orders and physical distancing requirements from our health officials and government agencies. We are trying to work with them to address these needs in the safest and most responsible way possible with home buying and selling protocols.

With physical distancing, it is important to minimize visits to your home in order to minimize the risk of infection for you and others. The following are recommended options from the Real Estate Council of Alberta (RECA) and Alberta Health Services for you to consider:

• using video or 3D tours to create a virtual viewing opportunity in lieu of having an open house, or to limit viewings to serious buyers

• screening potential buyers before scheduling viewings—ask about their health and recent status to determine the risk

• placing conditions such as a need to wear masks and gloves

• create a plan for disinfecting your home after every showing

Every buyer and sellers’ situation is different. If you are planning on making a move in the next year, please contact me directly with any questions you have.  As a REMAX Edmonton Realtor, I have over 15 years’ experience in creating successful selling and buying strategies in both increasing and declining markets.  And, I am hear to help!

Warmest regards,

Alison Murray, B.Comm, REALTOR

REMAX REAL ESTATE

C. 780.619.9812

E. Alison@infoEdmonton.ca