June sees continued cooling of housing market in Edmonton
Edmonton, July 5, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market decreased 9.2% compared to May 2022 and saw a year-over-year decrease of 4.6% from June 2021.
New residential listings decreased 8.3% month-over-month from May 2022, but there was an increase of 4.1% from June of last year.
For June, single-family home unit sales were down 8.2% from June 2021, and decreased 11.6% from May 2022 at 1,534. Condo unit sales increased 1.8% from June 2021 but were down 4.3% from May 2022. Duplex/rowhouse unit sales were down both 4.7% year-over-year and 11.6% from last month.
Single-family homes averaged $494,302, a 4.5% year-over-year increase and a month-over-month increase of 0.3%. Condominiums sold for an average of $238,377, seeing a small decrease of 1.6% year-over-year, and down 0.3% when compared to May 2022. Duplex prices increased 9.1% from June 2021, selling at $387,811, but saw a 2.0% decrease from May 2022.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $416,700, an 8.3% increase from June 2021, with a nominal decrease of 0.1% recorded from May 2022.
“We continue to see a gradual decrease across the board in the Edmonton real estate market,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “As interest rates and inflation continue to rise, we anticipate that we will see further impacts on the housing market in the days to come.”
Single-family homes averaged 27 days on the market, seeing an increase of four days from May 2022. Condos averaged 45 days on the market, increasing by one day month-over-month, while duplexes averaged 29 days on the market, a four-day increase compared to last month. Overall, all residential listings averaged 33 days on the market, increasing by four days month-over-month and down two days as compared to June 2021.