📊🏡Edmonton Housing Market Update | November 2023 | Mani Bagga

📊🏡Edmonton Real Estate Update: What You NEED to Know | November 2023 | Mani Bagga
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Edmonton, December 4, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for November 2023 came to 1,637, decreasing from October 2023 by 9.1%, but showing an increase of 28.5% over November 2022. New residential listings amounted to 2,126, which is 20.8% lower than October 2023, and 7.9% higher than November 2022. Overall inventory in the GEA showed decreases of 14.5% from November of last year and 12.9% from October 2023.
For November, detached unit sales totaled 932, a decrease of 11.7% from October 2023, but up 22.1% from the previous year. Semi-detached unit sales were down 15.2% month-over-month but showed an increase of 21.7% from November 2022. Row/Townhouse unit sales were down 10.1% from October 2023 and up 32.4% year-over-year. Apartment Condominium unit sales saw numbers increase 55% from last year and 1.7% since October 2023.
Total residential average prices came in at $380,827, a 0.4% decrease from November 2022, and a 3.9% decrease from October 2023. Detached homes averaged $478,874, amounting to a 2.4% year-over-year increase, but a 1.6% decrease from October 2023. Semi-detached sold for an average of $362,209, resulting in a 0.3% increase year-over-year, and a 6.1% decrease from the previous month. Row/townhouse prices were up 4.8% from October 2023 and increased 12.3% when compared to November 2022, selling at an average of $271,092. Apartment Condominium average prices hit $172,024 showing decreases of 15.5% from last month and 10.5% from last year.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $375,000, resulting in a decrease of 0.5% from October 2023, and a year-over-year increase of 1.5% from November 2022.
“In real estate, the rhythm of the market often shifts with the seasons. As we transition into the colder months, it’s not uncommon to witness a predictable decrease in available listings. Yet, what’s remarkable about Edmonton’s current housing landscape is the continual demand despite this seasonal ebb,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Buyers continue their search for their dream home, eager to secure properties even amidst a tighter inventory.”
Detached homes averaged 46 days on the market, increasing three days from October 2023. Semi-detached homes averaged 39 days on the market, a decrease of eight days from the previous month, and row/townhouses showed no change, averaging 42 days on the market. Apartment condominiums averaged 54 days on the market, showing a seven-day decrease from October 2023. Overall, all residential listings averaged 46 days on the market, showing no change month-over-month and dropping by seven days in comparison to November 2022.
*Please note - Each year, in line with statistical best practices, the MLS® HPI undergoes a comprehensive review by Canadian Real Estate Association (CREA). The results can lead to changes in the available data and historical composite or aggregate benchmark prices could be revised higher or lower.
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