www.realtorsofedmonton.com Media Release Residential Unit Sales, Prices and Listings Balance in July Edmonton, August 3, 2021: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for July 2021 increased 2.1% compared to July 2020 and decreased 18.9% from June 2021. New residential listings are up year-over-year, increasing 9.3% from July 2020. However, new residential listings are down month-over-month, decreasing 16.9% from June 2021. Overall inventory in the GEA was down 0.5% from July of last year and decreased 0.1% from June 2021. For July, single-family home unit sales are down 2.1% from July 2020 and down 20.9% from June 2021 at 1,325. Condo unit sales increased 11% from July 2020 and decreased 19.6% from June 2021. Duplex/rowhouse unit sales were down 1.1% year-over-year and down 14.2% month-over- month. All residential average prices are at $389,756, a 5.4% increase from July 2020 and down 2.1% from June 2021. Single-family homes averaged $466,091, a 6.8% year-over-year increase and a 1.3% decrease from June 2021. Condominiums sold for an average of $240,096, a 6.7% increase year- over-year, and prices are down 0.8% compared to June 2021. Duplex prices increased 7.6% from July 2020, selling at $357,064, which was a 0.5% increase from June 2021. The MLS® Home Price Index (HPI) composite benchmark price* in the Greater Edmonton Area leveled out at $349,600, a 7.2% increase from July 2020, and down 0.2% from June 2021. “The Edmonton market in July saw a balance in residential unit sales,” says REALTORS® Association of Edmonton Chair Tom Shearer. “The year-over-year residential unit sales were only slightly higher than July of last year, while we have started to see the monthly activity cool as we get later into the summer season. Pricing has also begun to balance – with nominal year-over-year increases and little change in month-over-month figures. We are still witnessing a strong market, with some balanced activity for July.” Single-family homes averaged 33 days on the market, a 16-day decrease from July of last year. Condos averaged 54 days on the market, a 9-day decrease year-over-year, while duplexes averaged 37 days on the market, an 18-day decrease compared to July 2020. Overall, all residential listings averaged 39 days on the market, decreasing by 15 days year-over-year and increasing by three days compared to June 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. Contact: Tom Shearer, REALTOR ® , 2021 Chair 780-993-1515 Madeleine Burlin, Communications Manager 780-453-9302 Allan Font, CPA, CMA, Interim President & CEO 780-453-9361
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Residential Unit Sales, Prices and Listings Balance in July
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www.realtorsofedmonton.com
Media Release Residential Unit Sales, Prices and Listings Balance in July Edmonton, August 3, 2021: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for July 2021 increased 2.1% compared to July 2020 and decreased 18.9% from June 2021.
New residential listings are up year-over-year, increasing 9.3% from July 2020. However, new residential listings are down month-over-month, decreasing 16.9% from June 2021. Overall inventory in the GEA was down 0.5% from July of last year and decreased 0.1% from June 2021.
For July, single-family home unit sales are down 2.1% from July 2020 and down 20.9% from June 2021 at 1,325. Condo unit sales increased 11% from July 2020 and decreased 19.6% from June 2021. Duplex/rowhouse unit sales were down 1.1% year-over-year and down 14.2% month-over-month.
All residential average prices are at $389,756, a 5.4% increase from July 2020 and down 2.1% from June 2021. Single-family homes averaged $466,091, a 6.8% year-over-year increase and a 1.3% decrease from June 2021. Condominiums sold for an average of $240,096, a 6.7% increase year-over-year, and prices are down 0.8% compared to June 2021. Duplex prices increased 7.6% from July 2020, selling at $357,064, which was a 0.5% increase from June 2021.
The MLS® Home Price Index (HPI) composite benchmark price* in the Greater Edmonton Area leveled out at $349,600, a 7.2% increase from July 2020, and down 0.2% from June 2021.
“The Edmonton market in July saw a balance in residential unit sales,” says REALTORS® Association of Edmonton Chair Tom Shearer. “The year-over-year residential unit sales were only slightly higher than July of last year, while we have started to see the monthly activity cool as we get later into the summer season. Pricing has also begun to balance – with nominal year-over-year increases and little change in month-over-month figures. We are still witnessing a strong market, with some balanced activity for July.”
Single-family homes averaged 33 days on the market, a 16-day decrease from July of last year. Condos averaged 54 days on the market, a 9-day decrease year-over-year, while duplexes averaged 37 days on the market, an 18-day decrease compared to July 2020. Overall, all residential listings averaged 39 days on the market, decreasing by 15 days year-over-year and increasing by three days compared to June 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.
Contact: Tom Shearer, REALTOR®, 2021 Chair 780-993-1515 Madeleine Burlin, Communications Manager 780-453-9302 Allan Font, CPA, CMA, Interim President & CEO 780-453-9361
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Condominium average selling price $240,096 -0.7% 6.7% Condominium median selling price $222,000 -0.4% 8.3% All-residential5 average selling price $389,756 -2.1% 5.4%
All-residential median selling price $366,500 -1.2% 4.7% # residential listings this month 3,446 -16.9% 9.3% # residential sales this month 2,208 -18.9% 2.1% # residential inventory at month end 8015 -0.1% -0.5% # Total6 MLS® System sales this month 2,763 -20.0% 2.0%
$ Value Total residential sales this month $900,375,906 -21.4% 7.6% $ Value of total MLS® System sales – month $1,078,390,947 -21.2% 7.4%
$ Value of total MLS® System sales - YTD $7,755,975,057 16.1% 93.6%
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 3Average prices indicate market trends only. They do not reflect actual changes for a particular property, which vary from house to house and area to area. Sales are compared to the month end reports from the prior period and do not reflect late reported sales. The RAE trading area includes communities beyond the GEA (Greater Edmonton Area) and therefore average and median prices include sold properties outside the GEA. For information on a specific area, contact your local REALTOR®.
The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927, is a professional association of real estate Brokers and Associates in the greater Edmonton area. The Association administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice. The Association also advertises property listings and publishes consumer information on the Internet at www.realtorsofedmonton.com, and www.REALTOR.ca. REALTORS® support charities involving shelter and the homeless through the REALTORS® Community Foundation.
Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).
*MLS® HPI Benchmark Price
The MLS® Home Price Index (HPI) provides timely, accurate, and detailed information on home price trends in residential markets of participating real estate boards in Canada. Average or median prices can change a lot from one month to the next and paint an inaccurate or even unhelpful picture of price values and trends. The MLS® HPI is based on the value home buyers assign to various housing attributes, which tend to evolve gradually over time. It therefore provides an “apples to apples” comparison of home prices across the entire country.
Each month, the MLS® HPI uses more than 15 years of MLS® System data and sophisticated statistical models to define a “typical” home based on the features of homes that have been bought and sold. These benchmark homes are tracked across Canadian neighbourhoods and different types of houses.
More information on the MLS® HPI can be found on the REALTORS® Association of Edmonton website or the Canadian Real Estate Association website.
¹ Please refer to Appendix A for the full list of areas within the Greater Edmonton Area (GEA).
² Residential includes all types of residential properties including Single Family Detached, Condominiums, Duplexes, Rowhouses, vacant lots, parking spaces, mobile homes etc.
³ Rural Sales do not include farms. A farm is a property zoned agricultural that is either revenue producing or 40 or more acres in size.4 Farms are included in Commercial if the property is zoned agricultural and is either revenue producing or 40 or more acres in size.
July 2021
Single Family Detached and Condominium Price by Area page 14