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
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