January 2023 Housing Market Report
Sunday Feb 12th, 2023
January Housing Market Stats: As YEG moves into 2023, the housing market appears to be steadily transitioning despite challenging times
Edmonton, February 11, 2023:
The (GEA) real estate market experienced a dramatic decline in total residential unit sales of 25.8% compared to the same period last year and only 0.2% from December 2022. On the other hand, new listings for residential properties saw an increase of 8.5% year-over-year and 94.8 % month-over-month respectively - suggesting that overall inventory levels were up by 13.2%. This is 5 .3 percent higher than what was recorded in December 2020.
January 2022 residential average prices stood at a whopping $370,068 - an impressive 6.2% decrease from last year! Detached homes followed suit with an average of $451,659 – 2.1% lower than the previous year and 4.2% down compared to December 2022's numbers. Semi-detached properties saw market decreases as well; averaging out at $355,086 after a 5.2 % reduction since 2021 and a 0.9 % dip in comparison to December figures alone! Surprisingly enough, row/townhouse prices rose 1.2 % yearly and 4 .4% monthly reaching an appealing level of $247,761 while apartment condominiums' rates continue on their increase trend boasting a remarkable 5 .5%, month-over-month growth amounting up to 189,631$ on average
In the Greater Edmonton Area (GEA), this past January saw a decrease of 3.7% in the MLS® Home Price Index (HPI) composite benchmark price*, compared to December 2022 and 1.2% since January 2022, settling at $368,800.
“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 remained on the market for an average of 65 days, 11 days more than in January 2021. Semi-detached dwellings were up to 50 days, a decrease of seven days year-over-year, while row/townhouses had increased by five days from January 2022 to 63. Apartment condominiums similarly saw only a one-day increase since last year with 82 being the average number of listing days in this category. Summarizing all residential listings showed an eight-day hike both year over year and from December 2022, leading them to 66 average listing Days on the Market (DOM).
The REALTORS® Association of Edmonton’s Chair released a statement on the real estate market in January, noting that detached homes were taking longer to sell while condo prices increased. The average days on market for all types of properties was down from last year, with condo apartments leading the way. If you are looking to buy or sell property in Edmonton this year, it’s important to stay up-to-date on current trends and be aware of what to expect in terms of timing and pricing. Feel free to leave any comments or questions below – we would love to hear from you!