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% |
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