March 2021: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for April 2021 increased 284.5% compared to April 2020 and increased 17.6% from March 2021. New residential listings are up year-over-year, increasing 140% from April 2020.
“It is important to keep in mind what we experienced last April with the first wave of the global pandemic and provincial lockdowns,” says REALTORS® Association of Edmonton Chair Tom Shearer. “This has a direct impact on year-over-year numbers.”
New residential listings are also up month-over-month, increasing 10.3% from March 2021. Overall inventory in the GEA fell 3.1% from April of last year and increased 11.6% from March 2021.
For April, single-family home unit sales are up 285% from April 2020 and up 15.1% from March 2021 at 1,825. Condo unit sales increased 276.5% from April 2020 and increased 22.1% from March 2021. Duplex/rowhouse unit sales were up 269.9% year-over-year and up 19.9% month-over-month.
All residential average prices are at $389,773, a 10.2% increase from April 2020, and down 0.4% from March 2021. Single-family homes averaged $458,444, an 11.7% year-over-year increase and a 0.1% increase from March 2021. Condominiums sold for an average of $228,741, an 2.5% increase year-over-year, and prices are down 0.4% compared to March 2021. Duplex prices increased 5.2% from April 2020, selling at $347,561 which was a 0.2% decrease from March 2021.
The MLS® Home Price Index (HPI) composite benchmark price* in the Greater Edmonton Area trended up to $343,000, a 2.1% increase from April 2020, and up 7.3% from March 2021.
“The Edmonton market in April saw a significant increase in year-over-year residential unit sales,” says Shearer. “There have also been more sales of single-family homes, condos and duplexes compared to April of last year as well as last month. While we need to keep in mind the drastic difference between this April and last, we are still witnessing a strong spring market so far.”
Single-family homes averaged 30 days on the market, a 28-day decrease from April of last year. Condos averaged 54 days on the market, a 17-day decrease year-over-year, while duplexes averaged 35 days on market, a 38-day decrease compared to April 2020. Overall, all residential listings averaged 37 days on market, decreasing by 27 days year-over-year and decreasing by five days compared to March 2021.