Edmonton, December 2, 2021: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for November 2021 increased 30.9% compared to November 2020 and decreased 2.1% from October 2021.
New residential listings increased 16.1% year-over-year from November 2020. However, new residential listings are down month-over-month, decreasing 18.9% from October 2021. Overall inventory in the GEA was down 10.2% from November of last year and decreased 14.9% from October 2021.
For November, single-family home unit sales are up 24.2% from November 2020 and down 1.2% from October 2021 at 1,112. Condo unit sales increased 32.5% from November 2020 and decreased 9.3% from October 2021. Duplex/rowhouse unit sales were up 61.8% year-over-year and up 8.1% month-over-month.
All residential average prices are at $384,319, a 2.0% increase from November 2020, and a 1.8% increase from October 2021. Single-family homes averaged $456,956, a 3.9% year-over-year increase and a 1.5% increase from October 2021. Condominiums sold for an average of $226,433, a 1.8% decrease year-over-year, and prices are up 0.4% compared to October 2021. Duplex prices increased 3.0% from November 2020, selling at $348,017, a 3.0% decrease from October 2021.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $341,400,800, a 4.1% increase from November 2020, and down 1.4% from October 2021.
“The Edmonton market saw some strong activity in November, which is unusual for this time of year. We also saw an increase in new residential listings compared to November 2020,” says REALTORS® Association of Edmonton Chair Tom Shearer. “The year-over-year residential unit sales in the GEA were also significantly higher than November of last year, while we continue to see incremental decreases in month-to-month activity. The market continues to see activity heading into the winter months – a positive sign as we head into a new year.”
Single-family homes averaged 42 days on the market, a seven-day decrease from November of last year. Condos averaged 61 days on the market, a two-day decrease year-over-year, while duplexes averaged 53 days on the market, a one-day decrease compared to November 2020. Overall, all residential listings averaged 49 days on the market, decreasing by five days year-over-year and increasing by two days compared to October 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.