December 2023 Edmonton Real Estate Update

DECEMBER 2023 Edmonton Housing Market Update

Monday Jan 15th, 2024



The December market was more active than usual but fell short of surpassing the level of activity seen in 2022.

January 15, 2024, in Edmonton, the total number of residential units sold in the Greater Edmonton Area (GEA) real estate market for December 2023 was 1,229. This marked a 24.4% decline from November 2023 but represented a 25.2% increase compared to December 2022. New residential listings totaled 1,497, indicating a 28.3% decrease from November 2023 and a 27% rise from December 2022. The overall inventory in the GEA experienced a 6.7% decrease from December of the previous year and a 15.2% decline from November 2023.

In December, sales of detached units reached a total of 701, marking a 24.4% decline from November 2023 but a 22.6% increase from the previous year. Semi-detached unit sales experienced a month-over-month decrease of 16.7% but demonstrated a 42.9% rise from December 2022. Row/Townhouse unit sales declined by 19.2% compared to November 2023, yet they exhibited a notable year-over-year increase of 44.0%. Apartment Condominium unit sales also saw a decrease, dropping by 33.7% from the previous month and only rising by 9.6% in comparison to December 2022.

The overall average residential prices reached $388,637, marking a 2.0% rise since November 2023 and a 3.5% increase from December 2022. Detached homes recorded an average of $489,392, reflecting a 3.7% year-over-year growth and a 2.1% increase from November 2023. Semi-detached properties sold at an average of $364,115, indicating a 1.6% year-over-year increase and a 0.5% uptick from the previous month. Row/townhouse prices experienced a 4.0% decline from November 2023 but surged by 9.9% compared to December 2022, with an average selling price of $260,959. Apartment condominiums averaged $170,408, showing a 0.4% decrease from the previous month and a 5.2% drop from the previous year.

The composite benchmark price* of homes in the GEA, as measured by the MLS® Home Price Index (HPI), reached $435,000, marking a 0.7% rise from November 2023 and a year-over-year increase of 3.5% compared to December 2022.

“Though December’s month-over-month numbers are higher than in 2022, the strong second half of this year hasn’t quite achieved the level of activity seen in the previous year,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “As the year closes, the year-to-date average selling price is $398,735, compared with $415,115 in 2022, and year-to-date average unit sales are still lagging by 8%.”

The average time on the market for detached homes was 53 days, marking a seven-day rise since November 2023. Semi-detached homes experienced a two-day increase from the previous month, reaching an average of 41 days on the market. Row/townhouses saw an eight-day hike in days on the market, totaling 52 days. Apartment condominiums, with an average of 56 days on the market, exhibited a two-day uptick from November 2023. In summary, all residential listings had an average time on the market of 52 days, reflecting a month-over-month increase of 3 days and a six-day decrease compared to December 2022.













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