Edmonton, November 2, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for October decreased 6.7% compared to September 2022 and saw a year-over-year decrease of 21% from October 2021.
New residential listings decreased 13% month-over-month from September 2022 and saw a small increase of 0.8% from October of last year.
Single-family home unit sales were down both 22.59% from October 2021 and 2.8% from September 2022 at 869. Condo unit sales saw a decrease of 14.7% from October 2021 and were down 13.9% from September 2022. Duplex/rowhouse unit sales were down both 27% year-over-year and 12.4% from last month.
Single-family homes averaged $462,858, a 2.7% year-over-year increase and a month-over- month loss of 0.3%. Condominiums sold for an average of $224,252, seeing a small decrease of 0.3% year-over-year and increasing 1.7% when compared to September 2022. Duplex prices increased 3.7% from October 2021, selling at $372,027, and saw a 1% decrease from September 2022.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $378,900, both a 0.7% decrease from October 2021, and decrease of 2.5% from September 2022.
“While we saw marginal month-over-month changes across the single family, condo and duplex/row homes categories, our all-residential listings were down substantially from September 2022” says REALTORS® Association of Edmonton Chair Paul Gravelle. “The all- residential sales were also down from the previous month and from October of 2021.”
Single-family homes averaged 44 days on the market, seeing no month-over-month increase. Condos averaged 55 days on the market, decreasing by one day month-over-month, while duplexes averaged 48 days on the market, increasing by three days as compared to last month. Overall, all residential listings averaged 47 days on the market, decreasing one day month-over- month and no change being recorded from October 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.