Edmonton, June 2, 2021: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for May 2021 increased 137.1% compared to May 2020 and decreased 4.3% from April 2021.
New residential listings are up year-over-year, increasing 45.6% from May 2020. New residential listings are down month-over-month, decreasing 2.1% from April 2021. Overall inventory in the GEA was down 2.6% from May of last year and increased 7.6% from April 2021.
For May, single-family home unit sales are up 136.7% from May 2020 and down 1.3% from April 2021 at 1,801. Condo unit sales increased 161.7% from May 2020 and decreased 10.4% from April 2021. Duplex/rowhouse unit sales were up 118.7% year-over-year and down 4.7% month-over- month.
All residential average prices are at $401,390, a 13.4% increase from May 2020 and up 3.0% from April 2021. Single-family homes averaged $465,551, a 12.9% year-over-year increase and a 1.6% increase from April 2021. Condominiums sold for an average of $241,885, an 18.4% increase year- over-year, and prices are up 5.7% compared to April 2021. Duplex prices increased 10.1% from May 2020, selling at $358,195, which was a 3.1% increase from April 2021.
The MLS® Home Price Index (HPI) composite benchmark price* in the Greater Edmonton Area trended up to $347,800, an 8.4% increase from May 2020, and up 1.1% from April 2021.
“The Edmonton market in May saw a significant increase in year-over-year residential unit sales,” says REALTORS® Association of Edmonton Chair Tom Shearer. “There have also been more sales of single-family homes, condos and duplexes compared to May of last year, while month-over-month activity has started to cool off compared to April. While we need to keep in mind the drastic difference between 2020 and 2021, we are witnessing a strong market heading into summer.”
Single-family homes averaged 28 days on the market, a 32-day decrease from May of last year. Condos averaged 48 days on the market, a 29-day decrease year-over-year, while duplexes averaged 32 days on the market, a 31-day decrease compared to May 2020. Overall, all residential listings averaged 33 days on the market, decreasing by 33 days year-over-year and four days compared to April 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.