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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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2023 Edmonton Housing Market Outlook

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.

 

MLS® HPI Benchmark Price*

 January 2023

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




SFDbenchmark price

$418,400

-1.2%

-3.3%

Apartment benchmark price

$175,400

-0.6%

-3.0%

Townhouse benchmark price

$227,100

-0.8%

-1.9%

Composite7 benchmark price

$368,800

-1.2%

-3.7%


MLS® System Activity 2023

 January 2023

M/M % Change

Y/Y % Change

(for all-residential sales in GEA1)




Detached average2 selling price – month

$451,659

-4.2%

-2.1%

Detached median3 selling price – month

$422,500

-1.3%

-0.6%

Semi-detached average selling price – month

$355,086

-0.9%

-5.2%

Semi-detached median selling price – month

$348,650

4.1%

-4.3%

Row/Townhouse average selling price – month

$247,761

4.4%

1.2%

Row/Townhouse median selling price – month

$239,999

4.6%

3.7%

Apartment Condominium average selling price

$189,631

5.5%

-2.3%

Apartment Condominium median selling price

$163,500

0.2%

-2.1%

All-residential4 average selling price

$370,068

-1.4%

-6.2%

All-residential median selling price

$349,500

0.2%

-5.6%

# residential listings this month

2,297

94.8%

8.5%

# residential sales this month

986

0.2%

-25.8%

# residential inventory at month end

5,220

5.3%

13.2%

# Total5 MLS® System sales this month

1,179

1.9%

-26.8%

$ Value Total residential sales this month

$388,215,051

-1.7%

-30.2%

$ Value of total MLS® System sales – month

$414,099,090

-1.7%

-31.8%

$ Value of total MLS® System sales - YTD

$414,099,090

-96.5%

-31.8%

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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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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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