Fall Market Brings Cooling Effect

Edmonton, October 3, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for September 2023 hit 2,058, dropping from August 2023 by 8.4% and increasing 25.8% compared to September 2022. New residential listings decreased slightly, at 0.1% year-over- year from September 2022, and decreasing 3.3% from August 2023. Overall inventory in the GEA was down 15.7% from September of last year, and down 2.8% from the previous month.

For September, detached unit sales totalled 1,311, a decrease of 8.0% from August 2023, but up 26% from the previous year. Semi-detached unit sales were down 11.0% month-over-month but increased by 6.9% from September 2022. Row/Townhouse unit sales were down 20.6% from August 2023 and up 28.0% year-over-year. Apartment Condominium unit sales had an increase of 59.3% from September 2022, and are the only property type to see an increase from the previous month, sitting at 3.2% higher than August 2023.

Total residential average prices came in at $394,000, a 0.1% decrease from September 2022, and a 1.0% decrease from August 2023. Detached homes averaged $493,0328, noting a 2.4% year-over- year increase, but a 0.4% decrease from August 2023. Semi-detached sold for an average of $353,929, resulting in a 4.2% decrease year-over-year, and a 5.2% decrease from the previous month. Row/townhouse prices were up 8.0% from September 2022 and up 5.4% month-over-month, selling at $267,100. Apartment Condominium average prices hit $182,103 showing a decrease of 5.7% from last month and a decrease of 1.6% from September 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $380,280, resulting in a decrease of 0.1% from August 2023, and a drop of 1.2% from September 2022.

“We’re continuing to see the trend of a higher number of sales happening in 2023 compared to last year, but the market is still slowing down for autumn. Sales in almost every category fell from the previous month,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Sellers hoping to close before the holidays have lower available inventory on their side, but they will have to contend with higher buyer uncertainty from the Bank of Canada’s looming October announcement about interest rates.”

Detached homes averaged 42 days on the market, increasing three days from August 2023. Semi- detached homes averaged 37 days on the market, decreasing 5 days from the previous month, with row/townhouses averaging 42 days on the market, a decrease of two days month-over-month. Apartment condominiums averaged 54 days on the market, showing a two-day decrease from August 2023. Overall, all residential listings averaged 44 days on the market, decreasing by four days year-over-year and two days from August 2023.

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