July 2023 Edmonton Housing Statistics:  Residential Property Sales Show Improvement Compared to July 2022.

In July 2023, the Greater Edmonton Area (GEA) real estate market witnessed a total of 2,323 residential unit sales, marking a 14.9% increase compared to July 2022 but a 10.4% drop from June 2023. The number of new residential listings decreased by 7.7% year-over-year from July 2022 and also saw a 9.2 decline from June 2023. Furthermore, the overall inventory in the GEA decreased by 17.3% compared to July of the previous year and by 2.4% from the previous month.

In July, sales of detached units increased by 10.9% compared to July 2022 but decreased by 12.7% from June 2023, totaling 1,391 units sold. Semi-detached unit sales experienced an 11.2% month-over-month decrease but saw an 11.2% increase compared to the same period last year. Row/Townhouse unit sales were up 19.7% from July 2022 but dropped by 5.4% from June 2023. Apartment Condominium unit sales showed a notable 31.6% increase from July 2022, with a 4.3% decrease from the previous month.

The total average residential prices reached $409,986, marking a 2.0% decline compared to July 2022 and a 0.6% decrease from June 2023. Detached homes, on the other hand, had an average price of $503,542, indicating a 0.8% year-over-year decrease but a 0.6% increase from June 2023. Semi-detached homes sold for an average of $378,902, reflecting a 2.3% year-over-year increase and a 1.0% decrease from the previous month. Row/townhouse prices saw a notable 3.8% increase from July 2022 and a 2.6% month-over-month rise, with an average selling price of $264,128. Apartment condominiums had an average price of $194,823, showing a slight 0.1% decrease from the previous month and a 3.1% drop from July 2022.

The composite benchmark price for homes, as measured by the MLS® Home Price Index (HPI), in the GEA stood at $381,800. This marked a 0.5% decrease compared to June 2023 and a significant 6.2% drop from July 2022.

"In July 2023, according to Melanie Boles, Chair of the 2023 Board of REALTORS® Association of Edmonton, we observed a slight decrease in average prices for both detached properties and apartment condominiums compared to the same period last year. However, semi-detached homes and row/townhouses experienced a positive uptick in their average prices. Furthermore, July witnessed an increase in sales across all property categories, with apartment condominiums taking the lead, boasting a remarkable 31.6% surge compared to July 2022."

In June 2023, detached homes spent an average of 44 days on the market, which was an increase of four days from the previous month. Semi-detached homes were on the market for an average of 35 days, showing a one-day increase compared to the previous month. Row/townhouses, on the other hand, averaged 41 days on the market, marking a one-day increase from the previous month. Apartment condominiums had an average market time of 58 days, reflecting a three-day increase from June 2023. In summary, all residential listings had an average market time of 45 days, which was a seven-day increase compared to the previous year and a three-day increase from June 2023.