OCTOBER 2023 Edmonton Housing Market Update
Friday Nov 03rd, 2023
"Despite concerns about interest rates, the shortage of inventory is driving up average sale prices."
November 3, 2023: The total number of residential units sold in the Greater Edmonton Area (GEA) real estate market for October 2023 was 1,812. This represents a 12.0% decrease compared to September 2023 but a 21.0% increase when compared to October 2022. Additionally, there were 2,753 new residential listings in October, which is 8.8% lower than in September 2023, but 5.8% higher than in October 2022. The overall inventory in the GEA saw a 12.7% decrease from October of the previous year and a 4.9% decrease from September 2023.
In October, sales of detached units totaled 1,055, marking a 12.7% decrease compared to September 2023 but a 12.6% increase from the previous year. Semi-detached unit sales experienced a 9.2% month-over-month drop but exhibited a 20.7% rise compared to October 2022. Row/Townhouse unit sales were 2.2% lower than in September 2023 but increased by 26.4% year-over-year. Sales of Apartment Condominium units saw a notable 57.3% year-over-year increase but decreased by 19.2% compared to September 2023
The overall average residential prices reached $396,550, marking a 0.6% uptick compared to September 2023, but a 0.7% dip from October 2022. Detached homes had an average price of $486,751, reflecting a 1.8% year-over-year increase but a 1.4% decrease compared to September 2023. Semi-detached properties sold for an average of $385,895, showing a 4.2% year-over-year increase and a substantial 9.0% increase from the previous month. Row/townhouse prices were 3.1% lower than in September 2023 and down 0.6% compared to October 2022, with an average selling price of $258,779. Meanwhile, average prices for apartment condominiums stood at $203,663, displaying a significant 11.8% increase from the previous month and an 8.9% increase from the same time last year.
The composite benchmark price in the Greater Economic Area (GEA) as per the MLS® Home Price Index (HPI) was recorded at $377,000. This represents a 0.8% decline compared to September 2023, but shows a 0.6% rise when compared to October 2022.
"We’ve seen in other markets what a low supply of inventory can do to home prices,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “And that applies on a smaller scale to any market during the colder season. There are buyers who can’t wait until spring when more properties become available, and they’re willing to spend more on the right place. But until we see interest rates come down, for many people those detached homes are still out of reach.”
In October 2023, detached homes spent an average of 43 days on the market, which was one day longer compared to September 2023. Semi-detached homes, on the other hand, had an average of 47 days on the market, marking an increase of 10 days from the previous month. Row/townhouses remained stable with no change, averaging 42 days on the market. Apartment condominiums averaged 61 days on the market, showing a seven-day decrease from September 2023. In summary, all residential listings, on average, took 46 days to sell, reflecting a two-day increase compared to the previous month and a four-day decrease when compared to October 2022.