The REALTORS® Association of Edmonton reported excellent year-over-year results for December 2020. Sales are up 31% year-over-year and months of inventory has dropped 36%. Q2 2020 sales fell -27.7% year-over-year. We saw an immediate rebound in Q3 with a 21.3% increase in sales year-over-year and a 27.3% increase year-over-year in Q4. Total sales in 2020 outperformed 2019 slightly by 2.6% with a total of 17,076.
For the month of December, single family home unit sales are up 26.44% from December 2019 and down 24.64% from November 2020 at 679. Condo unit sales increased 34.90% from December 2019 and decreased 18.30% from November 2020.
All residential average prices are up to $362,447, a 2.61% increase from December 2019, and down 3.77% from November 2020. Single family homes sold for an average of $428,900, a 4.24% year-over-year increase from December 2019, and a 2.32% decrease from November 2020. Condominiums sold for an average of $217,843, a 3.68% decrease year-over-year, and prices are down 5.57% compared to November 2020. Duplex prices increased 1.84% from December 2019, selling at $331,034, which was a 2.00% decrease from November 2020.
“The Edmonton market in December saw an increase in year-over-year unit sales, compared to a decrease in 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 December of last year, while we’ve seen decreasing month over month sales in all markets, which is typical for this time of year. Total year-to-date residential sales for 2020 came in at 17,036 – a 2.94% increase compared to 2019.”
Single family homes averaged 53 days on the market, an 11-day decrease from last year. Condos averaged 62 days on the market, a 15-day decrease from last year, while duplexes averaged 57 days on market, an 18-day decrease compared to December 2019. Overall, all residential listings averaged 58 days on market, decreasing by 11 days year-over-year and increasing by 4 days compared to the previous month.
* Effective January 1, 2021, the REALTORS® Association of Edmonton will be using the term Greater Edmonton Area (GEA) to replace Edmonton CMA (Census Metropolitan Area). This change is intended to reduce confusion with the term Comparative Market Analysis. The geographic area remains the same – only the terminology has changed.
|MLS® System Activity 2020||
|M/M % Change||Y/Y % Change|
|(for all-residential sales in GEA1)|
|SFD2 average3 selling price – month||$428,900||-2.40%||4.24%|
|SFD median4 selling price – month||$400,000||0.00%||7.56%|
|Condominium average selling price||$217,843||-5.57%||-3.68%|
|Condominium median selling price||$192,000||-8.13%||-7.02%|
|All-residential5 average selling price||$362,447||-3.77%||2.61%|
|All-residential median selling price||$340,000||-3.41%||3.47%|
|# residential listings this month||1,290||-29.59%||-0.15%|
|# residential sales this month||1,107||-20.65%||31.47%|
|# residential inventory at month end||5,005||-19.34%||-17.29%|
|# Total6 MLS® System sales this month||1,397||-20.44%||42.70%|
|$ Value Total residential sales this month||$418,963,034||-23.46%||37.41%|
|$ Value of total MLS® System sales – month||$501,277,219||-25.41%||43.50%|
|$ Value of total MLS® System sales - YTD||$7,858,344,852||6.75%||9.22%
( REALTORS® Association of Edmonton)