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If you're a prospective homebuyer or seller in Edmonton, you're likely eager to know how the real estate market is performing. Well, look no further, because we've got the latest insights for you. In this article, we'll dive into the Edmonton Real Estate Market Update for August 2023. Whether you're eyeing a single-family detached home, a cozy condo, or a stylish townhome, we have the data you need to make informed decisions.
New Listings and Total Homes for Sale
The Edmonton real estate market in August 2023 saw a total of 2447 homes listed for sale. This represents a slight -4% decrease from the previous month. While the number of listings dipped slightly, Edmonton continues to offer a diverse range of housing options for buyers.
Homes Sold in Edmonton
Now, let's talk about the most crucial metric: home sales. In August 2023, Edmonton witnessed 1594 homes sold, marking a 1% increase compared to the previous month and a significant 35.9% surge compared to the same month last year.
Average and Median Prices
Single-Family Detached Homes
Average Price: $495,344.7
Median Price: $448,000
For those seeking the quintessential suburban lifestyle, single-family detached homes remain a popular choice. The average price increased slightly by 0.6% month-over-month and 2.2% year-over-year, while the median price experienced a minor decrease of -0.4% month-over-month but still rose by 1.8% year-over-year.
Half-Duplex Homes
Average Price: $374,135.7
Median Price: $374,000
If you're considering a half-duplex, the average price decreased by 2.6% month-over-month, but it's still 2.5% higher compared to last year. Meanwhile, the median price saw a 0.6% month-over-month increase and an impressive 6% year-over-year boost.
Condominiums
Average Price: $190,582.4
Median Price: $175,000
Condo enthusiasts will be pleased to know that prices are relatively stable. The average price dipped slightly by 1% month-over-month and a marginal -0.2% year-over-year. The median price, on the other hand, increased by 0.6% month-over-month and a solid 3.6% year-over-year.
Townhomes
Average Price: $248,289.9
Median Price: $239,900
Townhomes, a great choice for urban living, experienced a -3.6% month-over-month decrease in average prices but remain 1.7% higher than last year. The median price decreased by -5.9% month-over-month and -1.5% year-over-year.
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Sales-to-New-Listing Ratio
For sellers, it's crucial to understand the sales-to-new-listing ratio. In August 2023, this ratio for Edmonton stood at 0.65. This indicates a market that is favouring the sellers.
Cumulative Days on Market
If you're wondering how long it takes for different types of properties to sell in Edmonton, here's the breakdown:
Detached Single-Family Homes: 63 days
Half-Duplex Homes: 58 days
Condo/Apartment Units: 92 days
Townhomes: 59 days
Understanding the days on market can help you gauge market dynamics and plan your buying or selling strategy accordingly.
Stay Informed and Make Informed Decisions
In conclusion, the Edmonton real estate market in August 2023 showcases a dynamic and competitive landscape. With a variety of housing options and a growing number of sales, it's a market where both buyers and sellers can find opportunities.