Residential Property Sales See Improvement From July 2022
Edmonton, August 2, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for July 2023 hit 2,323, increasing 14.9% compared to July 2022, but dropped 10.4% from June 2023. New residential listings were down 7.7% year-over-year from July 2022, while also noting a drop of 9.2% from June 2023. Overall inventory in the GEA was down 17.3% from July of last year, and down 2.4% from the previous month.
For July, detached unit sales were up 10.9% from July 2022 and decreased 12.7% from June 2023 at 1,391. Semi-detached unit sales were down 11.2% month-over-month but increased by 11.2% from this time last year. Row/Townhouse unit sales were up 19.7% from July 2022, but dropped 5.4% from June 2023. Apartment Condominium unit sales had an increase of 31.6% from July 2023, while noting a decrease of 4.3% from the previous month.
Total residential average prices hit $409,986, a 2.0% decrease from July 2022, and a drop of 0.6% from June 2023. Detached homes averaged $503,542, noting a 0.8% year-over-year drop and a 0.6% increase from June 2023. Semi-detached sold for an average of $378,902, resulting in a 2.3% increase year-over-year, and a decrease of 1.0% from the previous month. Row/townhouse prices were up both 3.8% from July 2022 and 2.6% month-over-month, selling at $264,128. Apartment Condominium average prices hit $194,823 showing a small decrease of 0.1% from last month and a drop of 3.1% from July 2022.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $381,800, resulting in a decrease of 0.5% from June 2023, and a drop of 6.2% from July 2022.
“While both detached properties and apartment condominiums saw small drops in their average prices from this time last year, semi-detached homes and row/townhouses both saw a positive bump in average prices for July 2023,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “July also had an increase in sales across all categories, with apartment condominiums leading the way, noting a 31.6% jump from July 2022.”
Detached homes averaged 44 days on the market, increasing four days from June 2023. Semi-detached homes averaged 35 days on the market, increasing one day from the previous month, with row/townhouses averaging 41 days on the market, an increase of one-day month-over-month. Apartment condominiums averaged 58 days on the market, showing a three-day increase from June 2023. Overall, all residential listings averaged 45 days on the market, increasing by seven days year-over-year and three days from June 2023.