Edmonton, January 4, 2021: Total residential unit sales in the Greater Edmonton Area (GEA)* real estate market for December 2020 increased 31.47% compared to December 2019 and decreased 20.65% from November 2020. The number of new residential listings is down year over year, decreasing 0.15% from December 2019. New residential listings are down month over month, decreasing 29.59% from November 2020. Overall inventory in the GEA fell 17.29% from December of last year and decreased 19.34% from November 2020.
For the month of December, single family home unit sales are up 26.44% from December 2019 and down 24.64% from November 2020 at 679. Condo unit sales increased 34.90% from December 2019 and decreased 18.30% from November 2020.
All residential average prices are up to $362,447, a 2.61% increase from December 2019, and down 3.77% from November 2020. Single family homes sold for an average of $428,900, a 4.24% year-over-year increase from December 2019, and a 2.32% decrease from November 2020. Condominiums sold for an average of $217,843, a 3.68% decrease year-over-year, and prices are down 5.57% compared to November 2020. Duplex prices increased 1.84% from December 2019, selling at $331,034, which was a 2.00% decrease from November 2020.
“The Edmonton market in December saw an increase in year-over-year unit sales, compared to a decrease in month-to-month sales,” says REALTORS® Association of Edmonton Chair Tom Shearer. “There have also been more sales of single-family homes, condos and duplexes compared to December of last year, while we’ve seen decreasing month over month sales in all markets, which is typical for this time of year. Total year-to-date residential sales for 2020 came in at 17,036 – a 2.94% increase compared to 2019.”
Single family homes averaged 53 days on the market, an 11-day decrease from last year. Condos averaged 62 days on the market, a 15-day decrease from last year, while duplexes averaged 57 days on market, an 18-day decrease compared to December 2019. Overall, all residential listings averaged 58 days on market, decreasing by 11 days year-over-year and increasing by 4 days compared to the previous month.
* Effective January 1, 2021, the REALTORS® Association of Edmonton will be using the term Greater Edmonton Area (GEA) to replace Edmonton CMA (Census Metropolitan Area). This change is intended to reduce confusion with the term Comparative Market Analysis. The geographic area remains the same – only the terminology has changed.