September Sales Down as Market Levels Out
Edmonton, October 4, 2022:
Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for September decreased 12.2% compared to August 2022 and saw a year-over-year decrease of 15.7% from September 2021.
New residential listings increased 1.7% month-over-month from August 2022 and saw a small increase of 3.7% from September of last year.
Single-family home unit sales were down both 21.9% from September 2021 and 13.5% from August 2022 at 894. Condo unit sales saw a decrease of 1.5% from September 2021 and were down 13.2% from August 2022. Duplex/rowhouse unit sales were down both 7.2% year-over-year and 4.9% from last month.
Single-family homes averaged $463,051, a 2% year-over-year increase and a month-over-month decrease of 1.1%. Condominiums sold for an average of $220,013, seeing a small decrease of 1.9% year-over-year and no change when compared to August 2022. Duplex prices increased 11.6% from September 2021, selling at $375,923, and saw a 4.3% decrease from August 2022.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $388,800, a 2.2% increase from September 2021, with a small decrease of 2.6% recorded from August 2022.
“As we transition into the fall months, we’ve started to see an increase in the total number of homes available as people are looking to sell before the holidays,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “Although unit sales were down across all categories, average prices remain steady for single-family homes in the Edmonton region.”
Single-family homes averaged 44 days on the market, seeing an increase of seven days from August 2022. Condos averaged 56 days on the market, increasing by two days month-over-month, while duplexes averaged 45 days on the market, an eight-day increase compared to last month. Overall, all residential listings averaged 48 days on the market, increasing by four days month-over-month and four days when compared to September 2021.
*The MLS® Home Price Index (HPI) is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices. It is designed to be a reliable, consistent, and timely way of measuring changes in home prices over time. You can find more information on the following pages.