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The market still as active as ever for May 2021

The market still as active as ever for May 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 140% from April 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, a 9.3% 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 the 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.

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