Greater Edmonton Market Update - June 2023
Edmonton, July 4, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for June 2023 hit 2,596, decreasing both 2.1% compared to June 2022 and 4.6% from May 2023. New residential listings were down 14.8% year-over-year from June 2022, while also noting a drop of 3.9% from May 2023. Overall inventory in the GEA was down 11.7% from June of last year, and up 0.5% from the previous month.
For June, detached unit sales were down 5.1% from June 2022 and decreased 6.0% from May 2023 at 1,594. Semi-detached unit sales were down 9.0% year-over-year but increased by 4.3% from May 2023. Row/Townhouse unit sales saw decreases both year-over-year and month-over-month, noting drops of 6.9% and 17.3% respectively. Apartment Condominium unit sales had increases of 26.0% from June 2022 and 6.8% from the previous month.
Total residential average prices hit $412,334, a 3.1% decrease from June 2022, and a drop of 2.3% from May 2023. Detached homes averaged $500,496, noting a 1.8% year-over-year drop and 2.7% decrease from May 2023. Semi-detached sold for an average of $382,883, resulting in a small 2.6% increase year-over-year, and an increase of 0.2% from the previous month. Row/townhouse prices were up both 0.7% from June 2022 and 1.7% month-over-month, selling at $257,812. Apartment Condominium average prices hit $194,910, showing an increase of 0.9% from last month and a drop of 4.9% from June 2022.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $383,600, resulting in an increase of 1.3% from May 2023, but a decrease of 7.2% from June 2022.
“While we’ve noted that market activity has cooled heading into the summer months, we’ve seen slight improvements in average prices across several categories,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Although detached homes saw a decrease of 2.7% from May 2023, semi-detached homes, row/townhouses and apartment condominiums all saw slight improvements in their average prices from the previous month.”
Detached homes averaged 40 days on the market, seeing no change from May 2023. Semi-detached homes averaged 34 days on the market, decreasing three days from the previous month, with row/townhouses averaging 40 days on the market, a decrease of two days month-over-month. Apartment condominiums averaged 55 days on the market, showing a one-day drop from May 2023. Overall, all residential listings averaged 41 days on the market, increasing by nine days year-over-year and dropping one day from May 2023.
*Please note – Each year, in line with statistical best practices, the MLS® HPI undergoes a comprehensive review by Canadian Real Estate Association (CREA). The results can lead to changes in the available data and historical composite or aggregate benchmark prices could be revised higher or lower. Learn more here or see the FAQ document here.