Edmonton Sees Moderate Growth As Spring Market Blooms
Edmonton, May 2, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for April 2023 hit 2,028, decreasing 30.8% compared to April 2022 but increasing 11.1% from March 2023. New residential listings were down 26% year-over-year from April 2022, while also noting an increase of 6% from March 2023. Overall inventory in the GEA was up 7.4% from April of last year, and up 9.3% from the previous month.
For April, detached unit sales were down 32.9% from April 2022, but saw an increase of 14.2% from March 2023 at 1,229. Semi-detached unit sales were down 37% year-over-year but increased by 19.3% from March 2023. Row/Townhouse unit sales also decreased 23% year-over-year and increased 0.7% month-over-month. Apartment Condominium unit sales saw a decrease of 23.2% from April 2022 but increased 1.3% from the previous month.
Total residential average prices hit $408,631, a 6% decrease from April 2022, and an increase of 4.8% from March 2023. Detached homes averaged $500,635, a 4.6% year-over-year decrease and a 3.1% increase from March 2023. Semi-detached sold for an average of $378,797, resulting in a small 3.4% decrease year-over-year, but saw an increase of 3.7% from the previous month. Row/townhouse prices were down 3.7% from April 2022, but increased 5.5% month-over-month, selling at $261,390. Apartment Condominium average prices hit $192,560, showing decreases of 0.1% from last month and 5.8% from April 2022.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $379,500, resulting in an increase of 0.4% from March 2023, but a decrease of 9.1% from April 2022.
“The trend continues with year-over-year dips in average prices, sales and listings across most categories, while still seeing nominal increases in our month-over-month statistics,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles.
Detached homes averaged 42 days on the market, a four-day decrease from March 2023. Semi-detached homes averaged 41 days on the market, increasing two days days from the previous month, with row/townhouses averaging 45 days on the market, a decrease of seven days month-over-month. Apartment condominiums averaged 56 days on market, showing a decrease of four days from March 2023. Overall, all residential listings averaged 44 days on the market, increasing by 14 days year-over-year and dropping five days from March 2023