JUNE 2023 Edmonton Housing Statistics
Monday Jul 10th, 2023
JUNE 2023 Edmonton Housing Statistics: As the hot summer begins, the demand for residential listings and sales experiences a cooling trend.
July 10, 2023
In June 2023, the total number of residential properties sold in the Edmonton Metropolitan Region (EMR) real estate market was 2,596, representing a decrease of 2.1% compared to June 2022 and a decrease of 4.6% compared to May 2023. The number of new residential listings decreased by 14.8% compared to June 2022 and also dropped by 3.9% compared to May 2023. The overall inventory in the EMR
decreased by 11.7% compared to the previous year's June but increased by 0.5% compared to the previous month.
In June, the number of sales for standalone houses decreased by 5.1% compared to June 2022 and dropped by 6.0% compared to May 2023, totaling 1,594 sales. The sales of attached houses (semi-detached units) were down by 9.0% compared to the previous year but increased by 4.3% compared to May 2023. Row/Townhouse unit sales experienced declines both in comparison to the previous year, with a drop of 6.9%, and compared to the previous month, with a decrease of 17.3%. On the other hand, sales of Apartment Condominium units showed significant increases of 26.0% compared to June 2022 and 6.8% compared to the previous month.
In June 2023, the average cost of residential properties was $412,334, representing a 3.1% decline compared to June 2022 and a 2.3% drop from May 2023. Detached homes had an average price of $500,496, experiencing a year-over-year decrease of 1.8% and a 2.7% decline from May 2023. Semi-detached homes were sold at an average price of $382,883, showing a slight year-over-year increase of 2.6% and a 0.2% rise from the previous month. Row/townhouse prices increased by 0.7% compared to June 2022 and 1.7% month-over-month, with an average selling price of $257,812. The average price for apartment condominiums stood at $194,910, indicating a 0.9% increase from the previous month and a 4.9% decrease from June 2022.
The composite benchmark price* for homes in the GEA according to the MLS® Home Price Index (HPI) was $383,600. This represents a 1.3% increase compared to May 2023, but a 7.2% decrease compared to June 2022.
“While we’ve noted that market activity has cooled heading into the summer months, we’ve seen slight improvements in average prices across several categories,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Although detached homes saw a decrease of 2.7% from May 2023, semi-detached homes, row/townhouses, and apartment condominiums all saw slight improvements in their average prices from the previous month.”
In May 2023, detached homes remained on the market for an average of 40 days, showing no change compared to the previous month. On the other hand, semi-detached homes spent an average of 34 days on the market, decreasing by three days from the previous month. Row/townhouses, on average, were on the market for 40 days, which was a decrease of two days compared to the previous month. Apartment condominiums had an average market time of 55 days, representing a one-day decrease from May 2023. When considering all residential listings, the average time on the market was 41 days, showing an increase of nine days compared to the previous year and a one-day drop from May 2023.