Spring is here and the Edmonton real estate market is heating up! 

Here are some trends:

-  Migration from Ontario and British Columbia is still strong.
-  Interest rates are steady.
-  Single family homes are moving quickly.
-  Townhouse sales are doing very well.
-  Apartment style condo market is finally moving!
-  February condo sales numbers were the same as in February 2022.

We have developed our Proven Buy/Sell System over the last 18 years and over 600 sales that takes the frustration out of the process.

It takes approximately 2-4 weeks to properly prepare and photograph a home for sale. If you are thinking of making a move this year, please contact us early - we would love to help.

Alison Murray
alison@infoEdmonton.ca
780.619.9812

Realtors Association of Edmonton Statistic Summary , March 2, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for February 2023 decreased 43.4% compared to February 2022 but saw an increase of 31.2% from January 2023. New residential listings were down 12.9% year-over-year from February 2022, while also noting an increase of 15.1% from January 2023. Overall inventory in the GEA was up 20.8% from February of last year, and up 8.5% from the previous month.

For February, detached unit sales were down 50.9% from February 2022, but saw an increase of 24.4% from January 2023 at 725. Semi-detached unit sales were down 47.7% year-over-year but increased by 50% from January 2023. Row/Townhouse unit sales also decreased 33.9% year-over-year and increased 26.4% month-over-month. Apartment Condominium unit sales saw only a minimal decrease of 2.1% from February 2022 but increased 47.7% from the previous month.

Total residential average prices hit $369,286, a 13% decrease from February 2022, and a 0.2% decrease from January 2023. Detached homes averaged $459,600, a 9% year-over-year decrease and a 1.8% increase from January 2023. Semi-detached sold for an average of $357,611, resulting in a small 0.6% decrease year-over-year, with prices down 0.7% compared to January 2023. Row/townhouse prices were down 4.3% from February 2022, but were up 1.4% month-over-month, selling at $251,332. Apartment Condominium average prices hit $187,325, showing both a decrease of 0.1% year-over-year and 0.8% from last month.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $371,600 seeing a drop of 5.9% from February 2022, but an increase of 0.8% from January 2023.

“While numbers are not quite where they were at this time last year, we’re still seeing large percentage increases month-over-month in many of the categories,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “There’s lots to look forward to as we head into the warmer months and we’re feeling optimistic as we set our sights on the Spring market.”

Detached homes averaged 54 days on the market, an 11-day decrease from January 2023. Semi-detached homes averaged 56 days on the market, increasing six days from the previous month, with row/townhouses averaging 60 days on the market, a decrease of three days month-over-month. Apartment condominiums averaged 65 days on market, showing a large decrease of 17 days from January 2023. Overall, all residential listings averaged 57 days on the market, increasing by 10 days year-over-year and dropping nine days from January 2023.

Stability for both buyers and sellers.

During 2022, the Bank of Canada raised interest rates by 4.5% in nine months.  It does appear that Edmonton prices have stabilized in the second have of 2022, which leads me to believe that we will have a busy spring. Over the past 18 + years, I have guided my clients through four different market adjustments with attention to detail, market knowledge, superior marketing, and negotiation.

What is in store for 2023?

The 2023 Edmonton Real Estate Association Housing Forecast industry experts have forecasted that higher interest rates are predicted to hold for the rest of the year.  Resulting in a balanced market and allowing buyers more time to shop for a homes. However, some communities have less inventory and are selling faster.  There is also a shifting demand/product type in Edmonton for apartment/condos and continued growth in the luxury market.

The Canadian Real Estate Association (CREA) stated in their January 2023 Market Update, “It is the start of a turn around” with a national forecast of a 0.5%-unit sales decline in 2023 from 2022. With Canada’s immigration target to add 1.45 million people by the end of 2025. Edmonton housing market has proven to be resilient due to our support of affordable home prices, job growth, and a strong trend in migration from British Columbia and Ontario.

I believe the lowest inventory will be the first three months while sellers wait for the spring market. This is also a great time to list your home with less competition and views from serious buyers that have made purchase plans for new year.

Relentless and determination, year-over-year, I have consistently achieved over 90% sales to listing ratio.  I look forward to working with past and current clients in 2023.  I am never to busy to talk real estate and look forward to discussing your needs and how we can maximize your selling value.


Warmest regards,

Alison Murray

January 2023 Housing Statistics

YEG Housing Market Sees Stable Transition Into New Year

Realtors Association of Edmonton, February 2, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for January 2023 decreased 25.8% compared to January 2022 and saw a small decrease of only 0.2% from December 2022. New residential listings were up 8.5% year-over-year from January 2022, while also noting an increase of 94.8% from December 2022. Overall inventory in the GEA was up 13.2% from January of last year, and up 5.3% from the previous month.

For January, detached unit sales were down 32.1% from January 2022, but saw a small increase of 1.4% from December 2022 at 583. Semi-detached unit sales were down 35.9% year-over-year but increased by 2.0% from December 2022. Row/Townhouse unit sales also decreased 5.7% year-over-year and increased 10.4% month-over-month. Apartment Condominium unit sales saw no changes from January 2022 but decreased 12.9% from the previous month.

All residential average prices hit $370,068, a 6.2% decrease from January 2022, and 1.4% decrease from December 2022. Detached homes averaged $451,659, a 2.1% year-over-year decrease and a 4.2% decrease from December 2022. Semi-detached sold for an average of $355,086, resulting in a 5.2% decrease year-over-year, with prices down 0.9% compared to December 2022. Row/townhouse prices increased both 1.2% from January 2022 and 4.4% month-over-month, selling at $247,761. Apartment Condominium average prices hit $189,631, with a 5.5% increase from the previous month and a 2.3% drop year-over-year.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $368,800, seeing both a 3.7% decrease from January 2022 and 1.2% from December 2022.

“The Edmonton real estate market remained relatively stable from December as we transitioned into the new year,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “While many categories saw minimal decreases month-over-month, average prices for both the row/townhouse and apartment condominium categories saw increases when compared to December 2022.”

Detached homes averaged 65 days on the market, an 11-day increase from January of last year. Semi-detached homes averaged 50 days on the market, decreasing seven days year-over-year, with row/townhouses averaging 63 days on the market, an increase of five days from January 2022. Apartment condominiums averaged 82 days on market, showing only a one-day increase from last year. Overall, all residential listings averaged 66 days on the market, increasing by eight days both year-over-year and from December 2022.

 

REALTORS Association of Edmonton, January 3, 2023:Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for December 2022 decreased 26.1% compared to December 2021 and decreased 22.1% from November 2022.

New residential listings were down 12.9% year-over-year from December 2021. New residential listings were also down month-over-month, decreasing 38.8% from November 2022. Overall inventory in the GEA was up 6.1% from December of last year but decreased 21.8% from November 2022.

For December, single-family home unit sales are down both 31.9% from December 2021 and 24.2% from November 2022 at 537. Condo unit sales were down 2.8% year-over-year and decreased 15.5% from November 2022. Duplex/rowhouse unit sales also decreased 41.9% year-over-year and 33.6% month-over-month.

All residential average prices are at $361,172, a 5.2% decrease from December 2021, and a 1.9% decrease from November 2022. Single-family homes averaged $457,371, a 1.0% year-over-year decrease and a 0.6% increase from November 2022. Condominiums sold for an average of $207,114, resulting in a 4.6% decrease year-over-year, with prices down 4.4% compared to November 2022. Duplex prices decreased 1.9% from December 2021, selling at $356,822, with a 0.7% decrease from November 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $373,200, seeing both a 0.9% decrease from December 2021 and 0.1% from November 2022.

“The Edmonton real estate market continued to cool into the month of December as listings and sales slowed for the holiday season,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “While we saw substantial changes for residential listings, sales and inventory last month, average prices for single-family homes, condos and duplex remained relatively stable both month-over-month and year-over-year."

Single-family homes averaged 52 days on the market, a six-day increase from December of last year. Condos averaged 70 days on the market, increasing five days year-over-year, while duplexes averaged 47 days on the market, with no change being reported from December 2021. Overall, all residential listings averaged 58 days on the market, increasing by six days both year-over-year and from November 2022.

*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.

Alison Murray 
780-619-9812
alison@infoedmonton.ca

Edmonton Housing Marketing Sees Cooling in August

Realtors Association of Edmonton | September 2, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market decreased 8.3% compared to July 2022 and saw a year-over-year decrease of 12.0% from August 2021.

New residential listings decreased 10.5% month-over-month from July 2022 but saw a small increase of 0.9% from August of last year.

Single-family home unit sales were down both 17.0% from August 2021 and 10.8% from July 2022 at 1,034. Condo unit sales saw an increase of 5.8% from August 2021 but were down 1.5% from July 2022. Duplex/rowhouse unit sales were down both 22.7% year-over-year and 15.0% from last month.

Single-family homes averaged $469,757, a 1.8% year-over-year increase and a month-over-month decrease of 4.1%. Condominiums sold for an average of $220,051, seeing a small decrease of 3.3% year-over-year and 4.2% when compared to July 2022. Duplex prices increased 1.5% from August 2021, selling at $360,570, but saw a 3.3% decrease from July 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $399,300, a 4.3% increase from August 2021, with a small decrease of 2.8% recorded from July 2022.

“While we continue to see the Edmonton real estate market cooling down after a record-breaking period earlier this year, there is still a fair amount of activity happening in the resale market,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “Although we’ve seen average prices decrease month-over-month across the board, single-family home prices are still above average from this time last year.”

Single-family homes averaged 37 days on the market, seeing an increase of four days from July 2022. Condos averaged 54 days on the market, increasing by two days month-over-month, while duplexes averaged 37 days on the market, a three-day increase compared to last month. Overall, all residential listings averaged 42 days on the market, increasing by three days month-over-month, with no change recorded when compared to August 2021.

June 1st The Bank of Canada has raised its interest rate by 50 basis points, marking its second consecutive oversized hike – and third overall increase this year – as the central bank grapples with inflation that currently sits at a 30 year high. The 0.5% increase to that benchmark rate brings it to 1.5%, the latest step in the Bank’s efforts to get consumer price growth under control.

There are still many great opportunities for sellers with strong sales and good selection for buyers with interest rates still around 4%.  The market is constantly changing and if you, or anyone you know are thinking of making a move, please reach out to me with any questions to help you  get prepared. 

Alison Murray 
780-619-9812
alison@infoedmonton.ca

Housing Market Sees Cooling in the Month of May

Realtors Association of Edmonton | June 2, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market decreased 1.6% compared to April 2022, yet saw a year-over-year increase of 4.4% from May 2021.

For May, single-family home unit sales were down 3.4% from May 2021, but increased 1.9% from April 2022 at 1,736. Condo unit sales increased 28.6% from May 2021 but were down 9% from April 2022. Duplex/rowhouse unit sales were up 5.8% year-over-year yet decreased 1.4% month-over-month.

Single-family homes averaged $492,037, a 5.7% year-over-year increase and a month-over-month decrease of 3.7%. Condominiums sold for an average of $239,011, seeing a decrease of 1.2% year-over-year, with only an increase of 0.3% when compared to April 2022. Duplex prices increased 10.5% from May 2021, selling at $395,783, resulting in a 3.3% decrease from April 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $417,300, a 9.2% increase from May 2021, with no change being recorded from April 2022.

“We’re starting to see a slow down of the real estate market in the Greater Edmonton Area as we head into the early days of summer,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “While we continue to see a lot of activity in the market, we’re not seeing as big of month-to-month changes for pricing, sales and days-on-market that we did earlier this year.”

Single-family homes averaged 23 days on the market, seeing no change from April 2022. Condos averaged 44 days on the market, decreasing by one day month-over-month, while duplexes averaged 25 days on the market, a one-day increase compared to last month. Overall, all residential listings averaged 29 days on the market, decreasing by four days year-over-year and down two days as compared to April 2022.