Housing Statistics for May: "Detached Average Price in the Edmonton Market Demonstrates Robust Year-Over-Year Growth"

June 20, 2023:

In May 2023, the Greater Edmonton Area (GEA) real estate market witnessed a total of 2,719 residential unit sales. This figure represents a 6.8% decline compared to May 2022, yet it signifies a notable increase of 34.4% from April 2023. New residential listings experienced a year-over-year decrease of 17% when compared to May 2022, but they also demonstrated a positive growth of 14.2% from April 2023. The overall inventory in the GEA was down by 5.9% compared to May of the previous year, while showing a modest increase of 2.6% from the previous month.

In May, sales of detached units witnessed a 9.6% decline compared to May 2022; however, they experienced a significant surge of 37.7% when compared to April 2023, reaching a total of 1,692 units. Similarly, sales of semi-detached units declined by 12.8% year-over-year but rebounded strongly with a 38.4% increase from April 2023. The sales of row/townhouse units showed positive growth both in comparison to the previous year (4.1% increase) and the previous month (27.8% increase). As for apartment condominium units, they saw an upward trend with a 3.7% increase from May 2022 and a substantial 22.2% increase from the previous month.

The average prices for residential properties reached a total of $420,507, marking a 1.5% decline compared to May 2022 and a 2.8% increase compared to April 2023. Detached homes recorded an average price of $512,338, indicating a 1.2% year-over-year increase and a 2.3% increase from April 2023. Semi-detached properties were sold at an average price of $381,968, experiencing a slight 0.7% decrease compared to the previous year but showing an increase of 0.8% from the previous month. Row/townhouse prices saw a decrease of 4.3% from May 2022 and a 3.1% decline month-over-month, with an average selling price of $253,417. Apartment condominiums had an average price of $193,218, reflecting a 0.3% decrease from the previous month and an 8.1% decrease from May 2022.

In the GEA, the composite benchmark price* for the MLS® Home Price Index (HPI) reached $378,800. This reflects a 0.5% rise compared to April 2023, yet an 8.4% decline compared to 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.

The average time for detached homes to sell decreased by two days compared to April 2023, reaching 40 days on the market. Similarly, semi-detached homes saw a four-day decrease from the previous month, with an average of 37 days on the market. Row/townhouses experienced a three-day reduction, averaging 42 days on the market. Apartment condominiums remained unchanged at 56 days on the market, maintaining the same level as in April 2023. In summary, the average time for all residential listings to sell was 42 days on the market, showing a decrease of two days from April 2023 and an increase of 13 days compared to the previous year.