Edmonton, August 3, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market decreased 23.8% compared to June 2022 and saw a year-over-year decrease of 10.3% from July 2021.
New residential listings decreased 14.8% month-over-month from June 2022 but saw an increase of 6.2% from July of last year.
Single-family home unit sales were down both 12.4% from July 2021 and 24.4% from June 2022 at 1,159. Condo unit sales also decreased 1.6% from July 2021 and 22.1% from June 2022. Duplex/rowhouse unit sales were down both 12.7% year-over-year and 21.3% from last month.
Single-family homes averaged $489,370, a 5.0% year-over-year increase and a month-over- month decrease of 1.0%. Condominiums sold for an average of $229,463, seeing a small decrease of 4.4% year-over-year and 3.7% when compared to June 2022. Duplex prices increased 4.3% from July 2021, selling at $372,864, but saw a 3.9% decrease from June 2022.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $410,700, a 6.8% increase from July 2021, with a nominal decrease of 1.4% recorded from June 2022.
“This is the first time this year that we’ve seen such large decreases in our month-over-month statistics in the Edmonton real estate market,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “Although July is typically a slower month for real estate due to holidays, we expect to see a continued downward trend as we get closer to the start of fall.”
Single-family homes averaged 33 days on the market, seeing an increase of six days from June 2022. Condos averaged 52 days on the market, increasing by seven days month-over-month, while duplexes averaged 34 days on the market, a five-day increase compared to last month. Overall, all residential listings averaged 39 days on the market, increasing by six days month- over-month, with no change recorded when compared to July 2021.
*The MLS® Home Price Index (HPI) is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices. It is designed to be a reliable, consistent, and timely way of measuring changes in home prices over time.