Last Updated on February 3, 2023
Edmonton Monthly Real Estate Market Update [January]
Post by RyanSellers.com Real Estate Group
In the Greater Edmonton Area (GEA) real estate market, total residential unit sales for January 2023 were down 0.2% from December 2022 and 25.8% from January 2022. New residential listings increased 94.8% from December 2022 to January 2023, a rise of 8.5% year over year. The GEA’s overall inventory increased 5.3% from the previous month and 13.2% from January last year.
Sales of detached homes in January were down 32.1% from January 2022 but were up somewhat from December 2022 at 583. The sales of semi-detached units were down 35.9% from the previous year but up 2.0% from December 2022. Row/Townhouse unit sales likewise jumped 10.4% month over month and declined 5.7% year over year. The number of apartment condominium units sold was constant from January 2022 but fell by 12.9% from the previous month.
Average home prices fell 1.4% from December 2022 and 6.2% from January 2022 to $370,068, respectively. A detached home’s average price was $451,659, down 2.1% from the previous year and 4.2% from December 2022. Semi-detached homes sold at an average price of $355,086, a 5.2% drop from the last year and a 0.9% drop from December 2022. Row/townhouse prices climbed by 4.4% over the previous month and 1.2% over January 2022, selling for $247,761. The average costs for apartments and condos were $189,631, a 5.5% increase from the previous month and a 2.3% decline from the prior year.
The MLS® Home Price Index (HPI) composite benchmark price* for the GEA was $368,800, representing a 3.7% and 1.2% decline from January 2022 to December 2022, respectively.
Compared to January of the previous year, detached homes spent an additional 11 days on the market, averaging 65 days. Row/townhouses averaged 63 days on the market, up five days from January 2022, while semi-detached homes spent an average of 50 days on the market, down seven days year over year. Apartment condominiums spent 82 days on average on the market, a one-day increase from the previous year. Overall, the time that residential listings spent on the market increased from December 2022 to January 2019 by eight days, to 66 days on average.
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