As we ring in the New Year, it is clear that we will see a continuing trend of increased demand. Total unit sales in the Edmonton real estate market increased 19.5% in December 2021 compared to December 2020. “2021 was an incredible year for the Edmonton real estate market, including a record-breaking month in November”, says Realtors Association of Edmonton Chair Tom Shearer.
According to Canadian Real Estate Association (CREA) demand remains strong, but a large number of households are waiting for new listings to show up. Housing markets will face headwinds in 2022, chief among them higher interest rates. While the Bank of Canada has set the stage for a tightening cycle of still indeterminant size to begin as early as April 2022, mortgage rates have already started to move higher, first this past spring, and again in the last few months.
Homes sell faster when buyers’ have less inventory to choose from. However, this market is fluid. So, if you would like to discuss this market ahead, or would like some advice as to the best homes preparing strategy, please don’t hesitate to call me.
Thank you to our clients for this past year!
January 5, 2022: Realtors Association of Edmonton
Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for December 2021 increased 19.5% compared to December 2020 and decreased 27.6% from November 2021.
New residential listings increased 10.2% year-over-year from December 2020. However, new residential listings are down month-over-month, decreasing 33.8% from November 2021. Overall inventory in the GEA was down 14.1% from December of last year and decreased 22.6% from November 2021.
For December, single-family home unit sales are up 16.5% from December 2020 and down 29% from November 2021 at 790. Condo unit sales increased 25.6% from December 2020 and decreased 22.9% from November 2021. Duplex/rowhouse unit sales were up 16.8% year-over-year and down 34.3% month-over-month.
All residential average prices are at $381,868, a 5.3% increase from December 2020, and a 0.6% decrease from November 2021. Single-family homes averaged $462,110, a 7.7% year-over-year increase and a 1.1% increase from November 2021. Condominiums sold for an average of $217,065, a 0.1% decrease year-over-year, and prices are down 3.8% compared to November 2021. Duplex prices increased 9.6% from December 2020, selling at $362,906, a 4.3% increase from November 2021.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $410,900, a 5.2% increase from December 2020, and up 0.1% from November 2021.
“2021 was an incredible year for the Edmonton real estate market, including a record-breaking month in November,” says REALTORS® Association of Edmonton Chair Tom Shearer. “While we saw some substantial changes in the month-to-month activity, the year-over-year stats for residential unit sales and listings in the GEA were significantly higher than December of last year.”
Single-family homes averaged 46 days on the market, a seven-day decrease from December of last year. Condos averaged 65 days on the market, a three-day increase year-over-year, while duplexes averaged 47 days on the market, a 10-day decrease compared to December 2020. Overall, all residential listings averaged 52 days on the market, decreasing by six days year-over-year and increasing by three days compared to November 2021.
|MLS® System Activity 2021||
|M/M % Change||Y/Y % Change|
|(for all-residential sales in GEA1)|
|SFD2 average3 selling price – month||$462,110||1.1%||7.7%|
|SFD median4 selling price – month||$423,000||2.7%||5.8%|
|Condominium average selling price||$217,065||-3.8%||-0.1%|
|Condominium median selling price||$189,950||-8.0%||-0.8%|
|All-residential5 average selling price||$381,868||-0.6%||5.3%|
|All-residential median selling price||$358,250||-0.8%||5.4%|
|# residential listings this month||1,411||-33.8%||10.2%|
|# residential sales this month||1,319||-27.6%||19.5%|
|# residential inventory at month end||4,495||-22.6%||-14.1%|
|# Total6 MLS® System sales this month||1,676||-25.3%||20.3%|
|$ Value Total residential sales this month||$530,908,673||-27.2%||27.0%|
|$ Value of total MLS® System sales – month||$644,170,525||-26.6%||28.9%|
|$ Value of total MLS® System sales - YTD||$12,055,993,056||5.6%||55.9%
Source: Realtors Association of Edmonton