August Brings a Balance in Residential Unit Sales and Pricing
Edmonton, September 2, 2021: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for August 2021 increased 9.7% compared to August 2020 and decreased 6.8% from July 2021.
New residential listings are up year-over-year, increasing 12.9% from August 2020. However, new residential listings are down month-over-month, decreasing 6.0% from July 2021. Overall inventory in the GEA was down 1.9% from August of last year and decreased 4.1% from July 2021.
For August, single-family home unit sales are up 5.2% from August 2020 and down 6.0% from July 2021 at 1,246. Condo unit sales increased 23.4% from August 2020 and decreased 8.4% from July 2021. Duplex/rowhouse unit sales were up 10.5% year-over-year and down 4.7% month-over-month.
All residential average prices are at $384,874, a 2.7% increase from August 2020 and down 1.3% from July 2021. Single-family homes averaged $460,963, a 4.9% year-over-year increase and a 1.1% decrease from July 2021. Condominiums sold for an average of $227,559, a 0.8% decrease year-over-year, and prices are down 5.2% compared to July 2021. Duplex prices increased 3.8% from August 2020, selling at $355,326, which was a 0.6% decrease from July 2021.
The MLS® Home Price Index (HPI) composite benchmark price* in the Greater Edmonton Area leveled out at $347,300, a 5.7% increase from August 2020, and down 0.7% from July 2021.
“The Edmonton market in August saw a healthy increase in new residential listings as compared to August 2020,” says REALTORS® Association of Edmonton Chair Tom Shearer. “The year-over-year residential unit sales in the GEA were higher than August of last year, while we have started to see slight decreases in the month-to-month activity. The market is starting to balance out after a very busy 18 months with pricing increasing a nominal amount year-over-year.”
Single-family homes averaged 35 days on the market, an 11-day decrease from August of last year. Condos averaged 59 days on the market, a six-day decrease year-over-year, while duplexes averaged 41 days on the market, a 10-day decrease compared to August 2020. Overall, all residential listings averaged 42 days on the market, decreasing by 10 days year-over-year and increasing by three days compared to July 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.