• Edmonton Home & Condo Specialist
    Edmonton Home & Condo Specialist

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.


Timing Turbulence…
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.

Send Alison an email, or call 780-619-9812. 
 


Edmonton Housing Marketing Sees Cooling in August


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%

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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.