SEPTEMBER 2023 Edmonton Housing Market Update
Sunday Oct 29th, 2023
Housing Statistics for September: The autumn market brings a cooling sensation.
In September 2023, there were 2,058 homes sold in the Greater Edmonton Area (GEA). This was 8.4% less than in August 2023 but 25.8% more than in September 2022. The number of new homes listed for sale only dropped a tiny bit, by 0.1% compared to September 2022 and 3.3% compared to August 2023. Overall, there were 15.7% fewer homes for sale in the GEA compared to September last year, and 2.8% fewer than in the previous month.
In September, sales of standalone houses were 8.0% lower than in August 2023, but they were 26% higher compared to the same time last year. Sales of semi-detached houses went down by 11.0% from the previous month, but they increased by 6.9% from September 2022. Sales of row/townhouse units were 20.6% lower than in August 2023, but they went up by 28.0% compared to the previous year. Apartment condominium unit sales saw a big increase of 59.3% from September 2022 and were the only type of property to have higher sales than in August 2023, with a 3.2% increase.
The average prices of homes changed in the fall. On average, all types of homes cost $394,000, which is a tiny bit less than in September 2022 and 1% less than in August 2023. Detached homes cost around $493,328, which is 2.4% more than a year ago but 0.4% less than in August 2023. Semi-detached homes sold for an average of $353,929, which is 4.2% less than a year ago and 5.2% less than the previous month. Row/townhouses cost 8% more than in September 2022 and 5.4% more than last month, with an average price of $267,100. Apartment condominiums had an average price of $182,103, which is 5.7% less than the previous month and 1.6% less than in September 2022.
In the GEA, the typical home price in September 2023 was $380,280. This is slightly lower than it was in August 2023, and it's down 1.2% compared to September 2022.
“We’re continuing to see the trend of a higher number of sales happening in 2023 compared to last year, but the market is still slowing down for autumn. Sales in almost every category fell from the previous month,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Sellers hoping to close before the holidays have lower available inventory on their side, but they will have to contend with higher buyer uncertainty from the Bank of Canada’s looming October announcement about interest rates.
In September 2023, it took longer to sell detached homes, with an average of 42 days on the market, which is 3 days more compared to August. On the other hand, semi-detached homes sold faster, with an average of 37 days, which is 5 days less than the previous month. Row/townhouses also sold faster, with an average of 42 days, a 2-day decrease from the previous month. Apartment condominiums took 2 days less to sell compared to August, with an average of 54 days on the market. In general, all types of residential listings took an average of 44 days to sell, which is 4 days less compared to the previous year and 2 days less than August 2023.