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Edmonton Realtors Market Report September 2023

Despite higher interest rates, the Edmonton real estate market is still strong and affordable. Compared to August 2022, we are seeing stronger sales, lower inventory and prices are holding steady.

Realtors Association of Edmonton, September 1, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for August 2023 hit 2,250, increasing 21.8% compared to August 2022, dropping marginally from July 2023 by 3.1%. New residential listings were up 3.7% year-over-year from August 2022, and increasing 0.3% from July 2023. Overall inventory in the GEA was down 15.5% from August of last year, and down 2.7% from the previous month.

For August, detached unit sales were up 16.8% from August 2022 and decreased 5.8% from July 2023 at 1,311. Semi-detached unit sales were down 11.6% month-over-month but increased by 12.9% from this time last year. Row/Townhouse unit sales were up 50.0% from August 2022 and up 23.2% from July 2023. Apartment Condominium unit sales had an increase of 25.1% from August 2022, while noting a decrease of 6.9% from the previous month.

Total residential average prices came in at $397,811, a 0.5% increase from August 2022, and a drop of 2.7% from July 2023. Detached homes averaged $495,005, noting a 2.1% year-over-year increase, but a 1.4% decrease from July 2023. Semi-detached sold for an average of $373,175, resulting in a 4.3% increase year-over-year, and a decrease of 1.5% from the previous month. Row/townhouse prices were up 3.6% from August 2022 and down 4.1% month-over-month, selling at $253,345. Apartment Condominium average prices hit $192,815 showing a decrease of 1.0% from last month and an increase of 0.5% from August 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $380,600, resulting in a decrease of 0.3% from July 2023, and a drop of 3.9% from August 2022.

“It’s not unusual to see a lot of activity in the market before we head into the cooler months, but it seems that buyers are sending a clear message that smaller, more affordable properties are what they want right now,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Unit sales for all categories are up from last year, but Row/Townhouses were the clear winner selling 50% more units than the same time last year and jumping 23.2% from the previous month. Condominium Apartment units continued to perform well, with units selling 25.1% better than August of 2022.”

Detached homes averaged 45 days on the market, increasing one day from July 2023. Semi-detached homes averaged 42 days on the market, increasing seven days from the previous month, with row/townhouses averaging 44 days on the market, an increase of three days month-over-month. Apartment condominiums averaged 56 days on the market, showing a two-day decrease from July 2023. Overall, all residential listings averaged 46 days on the market, increasing by four days year-over-year and one day from July 2023.

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Edmonton Realtors Market Report June 2023

Edmonton Forecasting Strong Summer Sales

After a few months of holding rate hikes, the Bank of Canada has announced a 25 basis-points increase to its benchmark interest rate, creating a serge in home and condo sales.

Historically, rate hikes stimulate sales activity as buyers rush to secure properties before the rates rise further. It's not uncommon for there to be a spike in sales during the months following a rate hike as buyers try to take advantage of the lower rates available before the increase. 

Considering that the rest of Canada is facing a situation of limited supply and strong demand, Edmonton presents attractive opportunities for homebuyers. With Alberta's higher job growth and intermigration gaining momentum, Edmonton's home sale numbers are forecasted to be robust throughout the summer.

While these trends suggest a positive outlook for Edmonton’s real estate market, conditions vary from property type, price range and location. It’s always advisable to stay informed and consult with a local real estate professional for the most accurate and up to date information regarding opportunities in Edmonton.

If you or someone you know is thinking of making a move, please feel free to reach out for a complimentary market evaluation with a home preparation strategy that can set you up for success.

Have a wonderful summer!

Alison Murray


Realtors Association of Edmonton Statistic Summary , June 2, 2023:

"Edmonton Market Sees Strong Year-Over-Year Growth in Detached Average Price"

Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for May 2023 hit 2,719, decreasing 6.8% compared to May 2022 but increasing 34.4% from April 2023. New residential listings were down 17% year-over-year from May 2022, while also noting an increase of 14.2% from April 2023. Overall inventory in the GEA was up 10.2% from May of last year, and up 2.6% from the previous month.

For May, detached unit sales were down 9.6% from May 2022, but saw an increase of 37.7% from April 2023 at 1,692. Semi-detached unit sales were down 12.8% year-over-year but increased by 38.4% from April 2023. Row/Townhouse unit sales saw increases in both year-over-year and month-over-month, noting improvements of 4.1% and 27.8% respectively. Apartment Condominium unit sales also had increases of 3.7% from May 2022 and 22.2% from the previous month.

Total residential average prices hit $420,507, a 1.5% decrease from May 2022, and an increase of 2.8% from April 2023. Detached homes averaged $512,338, a 1.2% year-over-year increase and an increase of 2.3% from April 2023. Semi-detached sold for an average of $381,968, resulting in a small 0.7% decrease year-over-year, but saw an increase of 0.8% from the previous month. Row/townhouse prices were down both 4.3% from May 2022 and 3.1% month-over-month, selling at $253,417. Apartment Condominium average prices hit $193,218, showing decreases of 0.3% from last month and 8.1% from May 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $378,800, resulting in an increase of 0.5% from April 2023, but a decrease of 8.4% from May 2022.

“We’ve certainly seen the real estate market come to life in the month of May,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Although small, there were improvements in the year-over-year detached average prices as well as row/townhouse and apartment condominium unit sales.

Detached homes averaged 40 days on the market, a two-day decrease from April 2023. Semi-detached homes averaged 37 days on the market, decreasing four days from the previous month, with row/townhouses averaging 42 days on the market, a decrease of three days month-over-month. Apartment condominiums averaged 56 days on market, showing no change from April 2023. Overall, all residential listings averaged 42 days on the market, increasing by 13 days year-over-year and dropping two days from April 2023.

MLS® System Activity 2023 May 2023 M/M % Change Y/Y % Change
(for all-residential sales in GEA1)      
Detached average2 selling price – month $512,338 2.3% 1.2%
Detached median3 selling price – month $470,000 2.7% 1.1%
Semi-detached average selling price – month $381,968 0.8% -0.7%
Semi-detached median selling price – month $370,000 -1.3% -0.9%
Row/Townhouse average selling price – month $253,417 -3.1% -4.3%
Row/Townhouse median selling price – month $250,000 -5.3% -4.2%
Apartment Condominium average selling price $193,218 0.3% -8.1%
Apartment Condominium median selling price $174,900 -1.5% -7.7%
All-residential4 average selling price $420,507 2.8% -1.5%
All-residential median selling price $389,500 0.9% -3.1%
# residential listings this month 3,918 14.2% -17.0%
# residential sales this month 2,719 34.4% -6.8%
# residential inventory at month end 7,101 2.6% -5.9%
# Total5 MLS® System sales this month 3,223 34.1% -7.5%
$ Value Total residential sales this month $1,242,733,569 39.0% -8.8%
$ Value of total MLS® System sales – month $1,311,930,946 38.8% -8.7%
$ Value of total MLS® System sales - YTD $4,036,704,337 48.0% -35.2%
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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%

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Edmonton Realtors Market Report | January 2022


As we ring in the New Year, it is clear that we will see a continuing trend of increased demand. Total unit sales in the Edmonton real estate market increased 19.5% in December 2021 compared to December 2020.  “2021 was an incredible year for the Edmonton real estate market, including a record-breaking month in November”, says Realtors Association of Edmonton Chair Tom Shearer.


What’s Next?


According to Canadian Real Estate Association (CREA) demand remains strong, but a large number of households are waiting for new listings to show up. Housing markets will face headwinds in 2022, chief among them higher interest rates. While the Bank of Canada has set the stage for a tightening cycle of still indeterminant size to begin as early as April 2022, mortgage rates have already started to move higher, first this past spring, and again in the last few months.


Homes sell faster when buyers’ have less inventory to choose from. However, this market is fluid.   So, if you would like to discuss this market ahead, or would like some advice as to the best homes preparing strategy, please don’t hesitate to call me.


Thank you to our clients for this past year!  


Alison


January 5, 2022: Realtors Association of Edmonton 


Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for December 2021 increased 19.5% compared to December 2020 and decreased 27.6% from November 2021.

New residential listings increased 10.2% year-over-year from December 2020. However, new residential listings are down month-over-month, decreasing 33.8% from November 2021. Overall inventory in the GEA was down 14.1% from December of last year and decreased 22.6% from November 2021.

For December, single-family home unit sales are up 16.5% from December 2020 and down 29% from November 2021 at 790. Condo unit sales increased 25.6% from December 2020 and decreased 22.9% from November 2021. Duplex/rowhouse unit sales were up 16.8% year-over-year and down 34.3% month-over-month.

All residential average prices are at $381,868, a 5.3% increase from December 2020, and a 0.6% decrease from November 2021. Single-family homes averaged $462,110, a 7.7% year-over-year increase and a 1.1% increase from November 2021. Condominiums sold for an average of $217,065, a 0.1% decrease year-over-year, and prices are down 3.8% compared to November 2021. Duplex prices increased 9.6% from December 2020, selling at $362,906, a 4.3% increase from November 2021.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $410,900, a 5.2% increase from December 2020, and up 0.1% from November 2021.

“2021 was an incredible year for the Edmonton real estate market, including a record-breaking month in November,” says REALTORS® Association of Edmonton Chair Tom Shearer. “While we saw some substantial changes in the month-to-month activity, the year-over-year stats for residential unit sales and listings in the GEA were significantly higher than December of last year.”

Single-family homes averaged 46 days on the market, a seven-day decrease from December of last year. Condos averaged 65 days on the market, a three-day increase year-over-year, while duplexes averaged 47 days on the market, a 10-day decrease compared to December 2020. Overall, all residential listings averaged 52 days on the market, decreasing by six days year-over-year and increasing by three days compared to November 2021.

 

MLS® System Activity 2021  
December 2021
M/M % Change Y/Y % Change
(for all-residential sales in GEA1)      
SFD2 average3 selling price – month $462,110 1.1% 7.7%
SFD median4 selling price – month $423,000 2.7% 5.8%
Condominium average selling price $217,065 -3.8% -0.1%
Condominium median selling price $189,950 -8.0% -0.8%
All-residential5 average selling price $381,868 -0.6% 5.3%
All-residential median selling price $358,250 -0.8% 5.4%
# residential listings this month 1,411 -33.8% 10.2%
# residential sales this month 1,319 -27.6% 19.5%
# residential inventory at month end 4,495 -22.6% -14.1%
# Total6 MLS® System sales this month 1,676 -25.3% 20.3%
$ Value Total residential sales this month $530,908,673 -27.2% 27.0%
$ Value of total MLS® System sales – month $644,170,525 -26.6% 28.9%
$ Value of total MLS® System sales - YTD $12,055,993,056 5.6% 55.9%


Source:  Realtors Association of Edmonton

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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.

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