Edmonton, November 2, 2021: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for October 2021 increased 11.7% compared to October 2020 and decreased 0.6% from September 2021.
New residential listings have stayed the same year-over-year from October 2020. However, new residential listings are down month-over-month, decreasing 11.7% from September 2021. Overall inventory in the GEA was down 5.8% from October of last year and decreased 7.5% from September 2021.
For October, single-family home unit sales are up 0.9% from October 2020 and down 2.3% from September 2021 at 1,125. Condo unit sales increased 33.8% from October 2020 and decreased 0.6% from September 2021. Duplex/rowhouse unit sales were up 31.3% year-over-year and up 12.4% month-over-month.
All residential average prices are at $377,848, a 1.1% decrease from October 2020, with no change occurring from September 2021. Single-family homes averaged $450,306, a 1.6% year-over-year increase and a 0.6% decrease from September 2021. Condominiums sold for an average of $225,449, a 2.7% decrease year-over-year, and prices are up 0.6% compared to September 2021. Duplex prices increased 7.6% from October 2020, selling at $361,827, which was a 7.4% increase from September 2021.
The MLS® Home Price Index (HPI) composite benchmark price* in the Greater Edmonton Area came in at $416,800, a 6.7% increase from October 2020, and up 0.5% from September 2021.
“The Edmonton market in October saw only a nominal increase in new residential listings as compared to October 2020,” says REALTORS® Association of Edmonton Chair Tom Shearer. “The year-over-year residential unit sales in the GEA were higher than October of last year, while we have continued to see small decreases in the month-to-month activity. The market continues to see a normalization as we head into the winter months.”
Single-family homes averaged 40 days on the market, a seven-day decrease from October of last year. Condos averaged 47 days on the market, an 11-day decrease year-over-year, while duplexes averaged 43 days on the market, a six-day decrease compared to October 2020. Overall, all residential listings averaged 47 days on the market, decreasing by three days year-over-year and increasing by three days compared to September 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.