Posted on
July 17, 2023
by
Michael Pavone Realty Group
The residential real estate market in the Greater Edmonton Area (GEA) experienced a decline in unit sales. In June 2023, a total of 2,596 residential units were sold, representing a 2.1% decrease compared to June 2022 and a 4.6% decrease from May 2023. New residential listings also saw a decline, with a year-over-year drop of 14.8% from June 2022 and a decrease of 3.9% from May 2023. The overall inventory in the GEA decreased by 11.7% from June of the previous year but increased by 0.5% compared to the previous month.
Breaking down the unit sales by type, detached unit sales were down 5.1% from June 2022 and decreased by 6.0% from May 2023, totaling 1,594 units. Semi-detached unit sales experienced a year-over-year decline of 9.0% but increased by 4.3% from May 2023. Row/townhouse unit sales saw decreases both year-over-year and month-over-month, with drops of 6.9% and 17.3%, respectively. However, apartment condominium unit sales had significant increases of 26.0% from June 2022 and 6.8% from the previous month.
In terms of average prices, the total residential average price reached $412,334, reflecting a 3.1% decrease from June 2022 and a drop of 2.3% from May 2023. Detached homes averaged $500,496, indicating a 1.8% year-over-year drop and a 2.7% decrease from May 2023. Semi-detached homes sold for an average price of $382,883, showing a small 2.6% increase year-over-year and a 0.2% increase from the previous month. Row/townhouse prices increased by 0.7% from June 2022 and 1.7% month-over-month, with an average sale price of $257,812. The average price of apartment condominiums was $194,910, representing a 0.9% increase from last month but a 4.9% drop from June 2022.
The MLS® Home Price Index (HPI) composite benchmark price in the GEA was $383,600, indicating a 1.3% increase from May 2023 but a decrease of 7.2% from June 2022.
The average time properties spent on the market varied by type. Detached homes averaged 40 days on the market, with no change from May 2023. Semi-detached homes averaged 34 days on the market, representing a decrease of three days from the previous month. Row/townhouses averaged 40 days on the market, a decrease of two days month-over-month. Apartment condominiums had an average of 55 days on the market, showing a one-day drop from May 2023. Overall, all residential listings averaged 41 days on the market, with an increase of nine days year-over-year but a one-day decrease from May 2023.
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