Edmonton, February 2, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for January 2022 increased 1.5% compared to December 2021 and increased 14.4% from January 2021.
New residential listings decreased 8.9% year-over-year from January 2021. However, new residential listings are up month-over-month, increasing 55.7% from December 2021. Overall inventory in the GEA was down 14.8% from January of last year but increased 5.0% from December 2021.
For January, single-family home unit sales are up 10.0% from January 2021 and up 3.5% from December 2021 at 811. Condo unit sales increased 21.6% from January 2021 and decreased 0.9% from December 2021. Duplex/rowhouse unit sales were up 19.1% year-over-year and down 3.0% month-over-month.
All residential average prices are at $376,923, a 1.1% decrease from December 2021, and a 3.5% increase from January 2021. Single-family homes averaged $445,932, a 4.3% year-over-year increase and a 3.6% decrease from December 2021. Condominiums sold for an average of $224,566, a 3.7% increase year-over-year, and prices are up 3.5% compared to December 2021. Duplex prices increased 11.1% from January 2021, selling at $382,471, a 5.4% increase from December 2021.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $416,000, a 6.1% increase from January 2021, and up 1.2% from December 2021.
“The Edmonton real estate market in January saw a slight decrease in all residential listings from January 2021, our month-over-month activity increased substantially since December 2021,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “While we have predicted to see sales decrease in 2022, we are expecting prices to increase marginally as move to a seller’s market.”
Single-family homes averaged 51 days on the market, an eight-day decrease from January of last year. Condos averaged 73 days on the market, with no change recorded year-over-year, while duplexes averaged 52 days on the market, an 18-day decrease compared to January 2021. Overall, all residential listings averaged 57 days on the market, decreasing by eight days year-over-year and increasing by five days as compared to December 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.