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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 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  June 2022

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.


MLS® System Activity 2022

 
May 2022

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFD2 average3 selling price – month

$492,037

-3.7%

5.7%

SFD median4 selling price – month

$455,000

-2.4%

7.1%

Condominium average selling price

$239,011

0.3%

-1.2%

Condominium median selling price

$220,000

-0.2%

-3.0%

All-residential5 average selling price

$410,276

-1.9%

2.2%

All-residential median selling price

$392,000

-1.4%

4.5%

# residential listings this month

4,711

2.1%

13.1%

# residential sales this month

2,857

-1.6%

4.4%

# residential inventory at month end

7,546

16.7%

-5.5%

# Total6 MLS® System sales this month

3,500

-1.5%

0.1%

$ Value Total residential sales this month

$1,240,729,073

-2.5%

7.4%

$ Value of total MLS® System sales – month

$1,443,019,875

-3.5%

2.3%

$ Value of total MLS® System sales - YTD

$6,254,967,410

29.7%

17.8%

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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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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
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.