Uncategorized 11 July 2023

Insights into the Edmonton Real Estate Market: June 2023 Update

In the ever-evolving Edmonton real estate market, June 2023 witnessed some notable trends. 2023. Let’s delve into the latest statistics, market performance, and average prices for various residential property types.

  • Total residential unit sales in the Greater Edmonton Area (GEA) reached 2,596 in June 2023, indicating a decrease of 2.1% compared to June 2022 and 4.6% from May 2023.
  • Detached unit sales declined by 5.1% from June 2022 and 6.0% from May 2023.
  • Semi-detached unit sales experienced a year-over-year decrease of 9.0% but increased by 4.3% from May 2023.
  • Row/Townhouse unit sales saw drops of 6.9% and 17.3% year-over-year and month-over-month, respectively.
  • Apartment Condominium unit sales witnessed increases of 26.0% from June 2022 and 6.8% from the previous month.
  • The total residential average price was $412,334, reflecting a 3.1% decrease from June 2022 and a drop of 2.3% from May 2023.
  • Detached homes averaged $500,496, with a year-over-year drop of 1.8% and a decrease of 2.7% from May 2023.
  • Semi-detached properties sold for an average of $382,883, experiencing a slight 2.6% year-over-year increase and a 0.2% increase from the previous month.
  • Row/townhouse prices increased by 0.7% from June 2022 and 1.7% month-over-month, with an average selling price of $257,812.
  • Apartment Condominium average prices reached $194,910, showing a 0.9% increase from last month and a 4.9% drop from June 2022.

MLS® Home Price Index (HPI): The MLS® Home Price Index (HPI) composite benchmark price in the GEA stood at $383,600, indicating a 1.3% increase from May 2023 but a decrease of 7.2% from June 2022.

Despite a cooling market heading into the summer months, average prices demonstrated slight improvements across several property categories. Detached homes and various property types experienced varied price changes, highlighting the evolving dynamics of the Edmonton real estate market.

  • Detached homes averaged 40 days on the market.
  • Semi-detached homes averaged 34 days on the market, decreasing by three days from the previous month.
  • Row/townhouses averaged 40 days on the market, a decrease of two days month-over-month.
  • Apartment condominiums averaged 55 days on the market, showing a one-day drop from May 2023.
  • Overall residential listings averaged 41 days on the market, representing an increase of nine days year-over-year and a one-day drop from May 2023.

Stay informed about the evolving Edmonton real estate market and leverage these insights to make informed decisions. Despite the market fluctuations, my commitment to providing exceptional service and navigating the real estate landscape remains unwavering. Whether you’re buying or selling, let’s connect to discuss your unique needs. Contact me directly at 780-699-4633 or email me at rick.aujla@c21.ca.

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