December Market Busier Than Usual, Not Enough To Outpace 2022 Activity
Edmonton, January 3, 2024: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for December 2023 came to 1,229, decreasing from November 2023 by 24.4%, but showing an increase of 25.2% over December 2022. New residential listings amounted to 1,497, which is 28.3% lower than November 2023, and 27% higher than December 2022. Overall inventory in the GEA showed decreases of 6.7% from December of last year and 15.2% from November 2023.
For December, detached unit sales totalled 701, a decrease of 24.4% from November 2023, but up 22.6% from the previous year. Semi-detached unit sales were down 16.7% month-over-month but showed an increase of 42.9% from December 2022. Row/Townhouse unit sales were down 19.2% from November 2023 and up 44.0% year-over-year. Apartment Condominium unit sales saw numbers decrease as well, down 33.7% from last month and up only 9.6% compared to December 2022.
Total residential average prices came in at $388,637, a 2.0% increase from November 2023, and a 3.5% increase from December 2022. Detached homes averaged $489,392, amounting to a 3.8% year-over-year increase, a 2.2% increase from November 2023. Semi-detached sold for an average of $364,115, resulting in a 1.6% increase year-over-year, and a 0.5% increase from the previous month. Row/townhouse prices were down 4.0% from November 2023 and increased 9.9% when compared to December 2022, selling at an average of $260,959. Apartment Condominium average prices hit $170,408 showing decreases of 0.4% from last month and 5.2% from last year.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $435,000, increasing 0.7% from November 2023, and a year-over-year increase of 3.5% from 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%.”
Detached homes averaged 53 days on the market, increasing seven days from November 2023. Semi-detached homes averaged 41 days on the market, an increase of two days from the previous month, while row/townhouses’ days on the market increased to 52, a difference of eight days. Apartment condominiums averaged 56 days on the market, showing a two-day increase from November 2023. Overall, all residential listings averaged 52 days on the market, a month-over-month increase of 3 days and a six-day decrease when compared to December 2022.