"EDMONTON Real Estate: Sales, Prices, and Inventory Take a Small Dip This Month Due to Seasonal Trends"

DECEMBER 26,2023:  In November 2023, a total of 1,637 homes were sold in the Greater Edmonton Area (GEA) real estate market. This was a 9.1% drop from October 2023, but a notable 28.5% increase compared to November 2022. The number of new homes listed was 2,126, which is 20.8% lower than October 2023 but 7.9% higher than November 2022. The overall housing supply in the GEA decreased by 14.5% from the previous November and 12.9% from October 2023.

In November, standalone unit sales amounted to 932, reflecting an 11.7% decrease from October 2023; however, this figure represents a notable 22.1% increase compared to the corresponding period last year. Sales of semi-detached units experienced a month-over-month decline of 15.2%, yet demonstrated a substantial 21.7% surge in comparison to November 2022. Row/Townhouse unit sales recorded a 10.1% decrease from October 2023 but exhibited a robust 32.4% year-over-year growth. Notably, sales of Apartment Condominium units registered a remarkable 55% increase from the previous year and a modest 1.7% uptick since October 2023.

The overall average residential property prices registered at $380,827, indicating a 0.4% decline from November 2022 and a 3.9% decrease from October 2023. Detached homes commanded an average of $478,874, reflecting a 2.4% year-over-year increase but a 1.6% decrease from October 2023. Semi-detached residences were sold at an average price of $362,209, representing a 0.3% year-over-year increase and a 6.1% decrease from the preceding month. Row/townhouse prices experienced a 4.8% uptick from October 2023 and a substantial 12.3% rise compared to November 2022, with an average selling price of $271,092. The average price for Apartment Condominiums stood at $172,024, marking a 15.5% decrease from the previous month and a 10.5% decline from the corresponding period last year.

The composite benchmark price according to the MLS® Home Price Index (HPI) for the Greater Economic Area (GEA) was recorded at $375,000. This figure reflects a decrease of 0.5% from October 2023 and signifies a year-over-year increase of 1.5% compared to November 2022.

“In real estate, the rhythm of the market often shifts with the seasons. As we transition into the colder months, it’s not uncommon to witness a predictable decrease in available listings. Yet, what’s remarkable about Edmonton’s current housing landscape is the continual demand despite this seasonal ebb,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Buyers continue their search for their dream home, eager to secure properties even amidst a tighter inventory.”

Single-family homes had an average time on the market of 46 days, marking an increase of three days compared to October 2023. In contrast, semi-detached homes experienced a decrease in the average time on the market by eight days, totaling 39 days. Row/townhouses exhibited no change, maintaining an average of 42 days on the market. Apartment condominiums saw a decrease of seven days, with an average of 54 days on the market in comparison to October 2023. Overall, the average time on the market for all residential listings remained consistent month-over-month at 46 days, reflecting a seven-day reduction compared to November 2022.