Housing Statistics for August: Strong Demand for Affordable Properties Continues

In Edmonton, the total number of residential units sold in the Greater Edmonton Area (GEA) real estate market for August 2023 reached 2,250, marking a 21.8% increase compared to August 2022. However, this number dropped slightly by 3.1% when compared to July 2023. New residential listings experienced a year-over-year increase of 3.7% from August 2022 and a marginal 0.3% uptick from July 2023. The overall inventory in the GEA decreased by 15.5% compared to August of the previous year and by 2.7% from the previous month.

In August, sales of detached units rose by 16.8% compared to August 2022 but decreased by 5.8% compared to July 2023, reaching a total of 1,311 units sold. Semi-detached unit sales experienced an 11.6% month-over-month decline but saw a 12.9% increase from the same time last year.Row/Townhouse unit sales surged by 50.0% compared to August 2022 and were up by 23.2% from July 2023. Apartment Condominium unit sales increased by 25.1% compared to August 2022 but showed a 6.9% decrease from the previous month. The average residential prices in total reached $397,811, marking a 0.5% increase compared to August 2022, but a 2.7% decline from July 2023. Detached homes had an average price of$495,005, indicating a 2.1% year-over-year increase but a 1.4% decrease from July 2023. Semi-detached homes sold for an average of $373,175, representing a 4.3% year-over-year increase and a 1.5% decrease from the previous month. Row/townhouse prices increased by 3.6% since August 2022 but dropped by 4.1% month-over-month, with an average selling price of $253,345. Apartment condominiums had an average price of $192,815, showing a 1.0% decrease from the previous month and a 0.5% increase from August 2022. The composite benchmark price for homes in the Greater East Area (GEA) on the MLS® Home Price Index (HPI) stood at $380,600, marking a 0.3% decrease from July 2023 and a 3.9% drop from August 2022.

"It's not uncommon to witness heightened market activity as we approach the colder months, but according to Melanie Boles, the Chair of the REALTORS® Association of Edmonton 2023 Board, buyers are unequivocally signaling their preference for smaller, more affordable properties at this time. Boles noted, 'Unit sales across all categories have surpassed last year's figures, but Row/Townhouses emerged as the standout, registering a remarkable 50% increase in sales compared to the same period last year and a notable 23.2% surge from the previous month. Condominium Apartment units have also maintained their strong performance, with sales improving by 25.1% compared to August 2022.'"

In July 2023, detached homes spent an average of 45 days on the market, marking a one-day increase. Semi-detached homes, on the other hand, averaged 42 days, which was a seven-day increase compared to the previous month. Row/townhouses had an average time on the market of 44 days, reflecting a three-day increase month-over-month. Apartment condominiums stood at an average of 56 days, showing a two-day decrease from July 2023. In summary, all residential listings had an average market time of 46 days, indicating a four-day increase year-over-year and a one-day increase from July 2023.