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.
See full REA Press release and stats package below this MaxWell Summary:
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. You can find more information on the following pages.
MLS® HPI Benchmark Price*
(for all-residential sales in GEA1) | August 2021 | M/M % Change | Y/Y % Change |
---|---|---|---|
SFD2 benchmark price | $418,100 | -0.5% | 6.8% |
Apartment benchmark price | $183,800 | -1.1% | -0.6% |
Townhouse benchmark price | $209,300 | -1.5% | 0.3% |
Composite7 benchmark price | $347,300 | -0.7% | 5.7% |
What is the MLS® HPI Benchmark Price? Find out here.
MLS® System Activity 2021
(for all-residential sales in GEA1) | August 2021 | M/M % Change | Y/Y % Change |
SFD2 average3 selling price – month | $460,963 | -1.1% | 4.9% |
SFD median4 selling price – month | $420,500 | -1.3% | 2.4% |
Condominium average selling price | $227,559 | -5.2% | -0.8% |
Condominium median selling price | $215,000 | -3.2% | 0.0% |
All-residential5 average selling price | $384,874 | -1.3% | 2.7% |
All-residential median selling price | $364,927 | -0.5% | 2.8% |
# residential listings this month | 3,177 | -6.0% | 12.9% |
# residential sales this month | 2,056 | -6.8% | 9.7% |
# residential inventory at month end | 7,689 | -4.1% | -1.9% |
# Total6 MLS® System sales this month | 2,584 | -6.5% | 8.8% |
$ Value Total residential sales this month | $833,959,317 | -7.4% | 13.9% |
$ Value of total MLS® System sales – month | $1,002,957,989 | -7.0% | 14.5% |
$ Value of total MLS® System sales – YTD | $8,757,085,846 | 12.9% | 79.4% |
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