Edmonton, September 2, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market decreased 8.3% compared to July 2022 and saw a year-over-year decrease of 12.0% from August 2021.
New residential listings decreased 10.5% month-over-month from July 2022 but saw a small increase of 0.9% from August of last year.
Single-family home unit sales were down both 17.0% from August 2021 and 10.8% from July 2022 at 1,034. Condo unit sales saw an increase of 5.8% from August 2021 but were down 1.5% from July 2022. Duplex/rowhouse unit sales were down both 22.7% year-over-year and 15.0% from last month.
Single-family homes averaged $469,757, a 1.8% year-over-year increase and a month-over- month decrease of 4.1%. Condominiums sold for an average of $220,051, seeing a small decrease of 3.3% year-over-year and 4.2% when compared to July 2022. Duplex prices increased 1.5% from August 2021, selling at $360,570, but saw a 3.3% decrease from July 2022.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $399,300, a 4.3% increase from August 2021, with a small decrease of 2.8% recorded from July 2022.
“While we continue to see the Edmonton real estate market cooling down after a record- breaking period earlier this year, there is still a fair amount of activity happening in the resale market,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “Although we’ve seen average prices decrease month-over-month across the board, single-family home prices are still above average from this time last year.”
Single-family homes averaged 37 days on the market, seeing an increase of four days from July 2022. Condos averaged 54 days on the market, increasing by two days month-over-month, while duplexes averaged 37 days on the market, a three-day increase compared to last month. Overall, all residential listings averaged 42 days on the market, increasing by three days month- over-month, with no change recorded when compared to August 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.