Residential Unit Sales & Pricing Cools for September.
Edmonton, October 4, 2021: 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.