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Edmonton Realtors Market Report March 2023

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.

MLS® HPI Benchmark Price*

 February 2023

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFDbenchmark price

$421,800

0.8%

-5.8%

Apartment benchmark price

$178,700

1.9%

-1.3%

Townhouse benchmark price

$227,300

0.1%

-3.8%

Composite7 benchmark price

$371,600

0.8%

-5.9%


MLS® System Activity 2023

 February 2023

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




Detached average2 selling price – month

$459,600

1.8%

-9.0%

Detached median3 selling price – month

$429,000

1.5%

-8.8%

Semi-detached average selling price – month

$357,611

0.7%

-0.6%

Semi-detached median selling price – month

$363,250

4.2%

0.9%

Row/Townhouse average selling price – month

$251,332

1.4%

-4.3%

Row/Townhouse median selling price – month

$248,500

3.5%

-4.4%

Apartment Condominium average selling price

$187,325

-0.8%

-0.1%

Apartment Condominium median selling price

$172,500

5.5%

-0.9%

All-residential4 average selling price

$369,286

-0.2%

-13.0%

All-residential median selling price

$356,500

2.0%

-8.8%

# residential listings this month

2,579

15.1%

-12.9%

# residential sales this month

1,291

31.2%

-43.4%

# residential inventory at month end

5,686

8.9%

21.3%

# Total5 MLS® System sales this month

1,551

31.6%

-40.8%

$ Value Total residential sales this month

$512,082,861

31.9%

-49.6%

$ Value of total MLS® System sales – month

$551,989,407

33.3%

-49.7%

$ Value of total MLS® System sales - YTD

$965,459,397

133.1%

-43.4%

Read

Edmonton Realtors Market Report January 2023

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.

MLS® HPI Benchmark Price*

December 2022

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFD2benchmark price

$423,300

0.0%

-0.3%

Apartment benchmark price

$176,500

0.7%

-3.0%

Townhouse benchmark price

$229,000

0.4%

-0.6%

Composite7benchmark price

$373,200

-0.1%

-0.9%


MLS® System Activity 2022

December 2022

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFD2average3selling price – month

$457,371

0.6%

-1.1%

SFD median4selling price – month

$425,000

-0.8%

0.5%

Condominium average selling price

$207,114

-4.4%

-4.6%

Condominium median selling price

$190,000

1.1%

0.0%

All-residential5average selling price

$361,172

-1.9%

-5.2%

All-residential median selling price

$340,000

-4.2%

-5.0%

# residential listings this month

1,211

-38.8%

-12.9%

# residential sales this month

973

-22.1%

-26.1%

# residential inventory at month end

5,018

-21.8%

6.1%

# Total6MLS® System sales this month

1,157

-25.5%

-30.7%

$ Value Total residential sales this month

$366,645,549

-23.9%

-30.6%

$ Value of total MLS® System sales – month

$421,123,803

-28.0%

-34.4%

$ Value of total MLS® System sales - YTD

$11,824,904,951

3.6%

-1.8%

Read

Edmonton Realtors Market Report August 2022


The softening in the market, characterized by an increase in inventory, and a less urgency overall, has given buyers the chance to catch their breath, while sellers are adjusting to new market realities. Buyers can feel a bit more at ease in making informed decisions, as well as include reasonable conditions in their offer. The bidding wars and purchasing frenzy is over as we notice a more steady and consistent market trend. 

The Edmonton market is still healthy, and stats are continuing to favor the sellers with overall residential unit sales decreasing only -8.3% compared to July 2022 and year-over-year decrease of -12% . Overall, it is important to keep in mind that Alberta has a lot of positives. High net migration, tech and renewables are industries that are ramping up, keeping our unemployment rates at an all time low.
A seller’s market is temporary.  When a seller is ready to sell and move on to their next home, there is no time like the present for predictability since markets in Alberta are forever shifting. The very best way to stay current on local real estate trends is to have a candid conversation with a REALTOR and not to make the mistake of trying to time the market.  If you are thinking of making a move, please reach out to me with any questions to help you get prepared.  Fall is a beautiful time to have your home photographed.

 

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.


MLS® HPI Benchmark Price*

 August 2022

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFDbenchmark price

$451,600

-3.0%

4.6%

Apartment benchmark price

$187,400

-1.2%

-0.1%

Townhouse benchmark price

$250,700

-0.7%

7.6%

Composite7 benchmark price

$399,300

-2.8%

4.3%


MLS® System Activity 2022

 August 2022

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFD2 average3 selling price – month

$469,757

-4.1%

1.8%

SFD median4 selling price – month

$435,000

-2.8%

3.6%

Condominium average selling price

$220,051

-4.2%

-3.3%

Condominium median selling price

$199,900

-5.7%

-7.0%

All-residential5 average selling price

$376,859

-5.5%

-2.1%

All-residential median selling price

$360,000

-5.0%

-1.4%

# residential listings this month

3,157

-10.5%

0.9%

# residential sales this month

1,809

-8.3%

-12.0%

# residential inventory at month end

7,922

-4.8%

-0.5%

# Total6 MLS® System sales this month

2,294

-6.7%

-11.1%

$ Value Total residential sales this month

$723,910,831

-12.9%

-13.2%

$ Value of total MLS® System sales – month

$870,764,299

-12.3%

-12.9%

$ Value of total MLS® System sales - YTD

$9,403,788,721

10.1%

7.5%

Read

Edmonton Realtors Market Report March 2021

Realtors Association of Edmonton | April 5, 2021: 

In summary, year-to-date, condo sales are up +48%, compared to 2020; single family home sales are up +81%.  Condo new listings are up +26%; single family home new listings are up +17%, over 2020. Single family home prices are up +4.6% , and condo prices have held relatively steady at -0.5%. 

Total residential unit sales in the Greater Edmonton Area (GEA)* real estate market for March 2021 increased 109.9% compared to March 2020 and increased 52.8% from February 2021. The number of new residential listings is up year over year, increasing 51.6% from March 2020. New residential listings are also up month over month, increasing 55.7% from February 2021. Overall inventory in the GEA fell 13.4% from March of last year and increased 11.5% from February 2021.

For March, single-family home unit sales are up 118.2% from March 2020 and up 53.5% from February 2021 at 1,586. Condo unit sales increased 79.6% from March 2020 and increased 51.9% from February 2021.

All residential average prices are up to $391,219, a 13.7% increase from March 2020, and up 3.5% from February 2021. Single-family homes sold for an average of $457,936, a 13.3% year-over-year increase from March 2020, and a 4.6% increase from February 2021. Condominiums sold for an average of $229,690, an 5.2% increase year-over-year, and prices are down 0.5% compared to February 2021. Duplex prices increased 11.1% from March 2020, selling at $348,280 which was a 1.5% increase from February 2021.

“The Edmonton market in March saw a significant increase in year-over-year residential unit sales as well as 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 March of last year as well as last month. It is important to keep in mind what we experienced last March with the global pandemic and provincial lockdowns as it relates to the impact on year-over-year numbers. With that said, we are still witnessing a very strong start to the spring market.”

Single-family homes averaged 37 days on the market, a 17-day decrease from March of last year. Condos averaged 53 days on the market, a 13-day decrease year-over-year, while duplexes averaged 39 days on market, a 29-day decrease compared to March 2020. Overall, all residential listings averaged 42 days on market, decreasing by 18 days year-over-year and decreasing by 10 days compared to February 2021.

Read

What Home Sellers Are Looking For In A Realtor

When you are thinking of selling your home this spring, you may be considering, “What should I look for in an Edmonton Realtor?” The National Association of Realtors (NAR) conducted an in-depth survey that provides insight to help you prioritize what you should be looking for.  As well, please compare my personal experience from 15 years of successfully selling Edmonton homes and the research – I consistently sell 95% of all the homes I list.

In order of most important, here are the requirements that sellers look for in their Realtors.

#1) Sellers need their Realtor to find a buyer for their property – 28%.

Having their Realtor find a buyer for their home is the #1 priority for sellers. Currently the Edmonton real estate market has high inventory of many homes for sale, which puts sellers in competition for fewer buyers.  Finding an  Edmonton real estate agent that will market your home is critical for targeting the right buyer.  

In addition to showcasing your home on high ranking national and international web sites, we use invovative marketing strategies that include high-tech services professional social media that targets specific demographics in a geographic location to reach buyers. Within the first 48 hours of advertising a property, your home will receive approximately 7, 000 views and 1,600 clicks directly to the property details on Alison’s web site from people nearby who may be interested in your property. These online views result in buyers contacting Alison to view your home.

Other marketing services that are also of no extra charge to our clients are professional HDR photography (including twighlight photography), professional community Youtube videos, and 3D walk throughs.

#2) Sellers need their homes sold in a certain timeframe – 27%.

Some sellers may have more time than others to get their homes sold, but everyone has a timeframe.  The success of having your home selling sooner or later is highly related to the expert services your Realtor provides.

#3) Sellers would like their property accurately priced – 17%.

Home sellers don’t want an exaggerated listing price, but instead want a comprehensive market analysis along with honesty on how different price points will produce different results. It is important to find an experienced Edmonton Realtor who knows your area and product, and has the knowledge to accurately and competitively price your home.

#4) Sellers would like suggestions to fix up their home for a higher return – 12%.

With so many homes for sale in the Edmonton market, it is critical that your property looks its best. A Realtor who has a unrivaled eye for detail and a network of professionals, will ensure your home looks attractive to your target audience. This will greatly increase your chances of attracting a qualified buyer and selling your home faster, often for more money.  We agree that having your property look its best is a MUST. We offer a range of preperation services for your home such as expert guidance with improvements, decluttering, interior decorating, partial or full staging, and virtual staging.

#5) Sellers require assistance with paperwork, inspections and settlement – 7%.

There are many situations where details can fall through the cracks if your realtor lacks experience or is too busy. A good example is with the handling of the buyer’s conditions to the sale including a thorough condo document review and inspection. Buyers more often than not have questions and concerns with these items therefore having a Realtor who is competent and available (not spread too thin with too many clients) to deal with these items is important to the completion of your sale.

#6) Sellers would like their Realtor to negotiate and deal with buyers – 5%.

It was surprising that this did not come higher on the list. If your Realtor snags a buyer because they did a great job with preparing your home, pricing your property correctly and marketing it effectively, but lacks the EXPERIENCE, KNOWLEDGE, SKILL and TIME to help with negotiation, you could lose the only good offer you had while your property was in the market, or leave money on the table.

What does this mean for sellers in the Edmonton real estate market?

According to the research, home sellers value marketing strategies that bring buyers, preparing your home for sale, solid pricing, and the ability to handle any conditions and negotiations.  This research can serve as a useful guide in today’s housing market.

As an Edmonton Realtor, I consistently sell all the homes that I list every year (Edmonton Realtor’s Association Sales-to-Listing Ratio of 31% for 2018).  We would be committed and honoured to help you sell and/or purchase your home.

https://infoedmonton.ca/home-evaluation.html


Alison Murray, BCom
Remax Real Estate

Alison@infoEdmonton.ca
780-619-9812

****

 “2018 Profile of Home Buyers and Sellers” conducted by The National Association of Realtors.

Inspired by James Kimmons’s article “What Sellers Want from Their Real Estate Agent

Copy Right Alison Murray 2019

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The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.