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Welcome to the Edmonton Real Estate Market Update for July 2023, where we dive into the latest trends and statistics shaping the local housing market. If you're a homebuyer, seller, or just curious about the state of real estate in Edmonton, this is the article for you.
Don't forget to check out our Top 5 Richest Neighborhoods in Edmonton article for more insights into the city's diverse communities.
New Listings and Total Sold Overview
In July 2023, Edmonton saw a total of 2548 new homes listed for sale. This represents a -6.2% change compared to the previous month, showcasing a slight decrease in inventory.
Turning our attention to sold properties, 1578 homes were successfully sold in the same month. While this shows a -6% month-over-month decline, it's essential to note the significant 14.7% year-over-year increase in sales.
Average and Median Prices
Single-family detached homes in Edmonton boasted an average price of $492,359 in July 2023. Although this marks a 1.1% increase compared to the previous month, the year-over-year data reflects a -2.7% decrease. The median price of single-family detached homes was $450,000, indicating a 0.6% month-over-month uptick while experiencing a -2.1% year-over-year decrease.
For those interested in half-duplexes, the average price was $384,211, with a -1.1% month-over-month change and a positive 4% year-over-year difference. The median price, however, experienced a -2.2% month-over-month decline and a minor -0.2% year-over-year dip, settling at $371,750.
Condominiums showcased a mixed trend. With an average price of $192,443.2, there was a 4.3% month-over-month surge. However, the year-over-year data showed a -3.2% decrease. The median condo price was $174,000, demonstrating a 1.8% month-over-month rise and a 1.6% year-over-year increase.
For townhomes, the average price settled at $257,650, depicting a 0.6% month-over-month increase and a promising 3.6% year-over-year growth. The median townhome price experienced a slight -0.4% month-over-month decrease but remained positive with a 3.4% year-over-year increase, reaching $255,000.
Sales-to-New-Listing Ratio and Days on Market
A crucial indicator of market health is the sales-to-new-listing ratio, which for July 2023, stood at 0.62. This figure signifies a market slightly tipped in the favor of sellers.
When it comes to the cumulative Days On Market (DOM), we find interesting insights:
Detached single-family homes spent an average of 69 days on the market before being sold.
Half-duplexes had a shorter average DOM of 42 days.
Condominiums/apartments showed an average DOM of 97 days.
Townhomes were on the market for approximately 50 days on average.
Exploring Edmonton's Zones and Unique Properties
For a detailed understanding of Edmonton's housing landscape, take a look at our 2023 Edmonton Zone Map. This map will help you navigate different neighborhoods and their specific characteristics, ensuring you make an informed decision when buying or selling a property.
Furthermore, if you're intrigued by the concept of no-condo fee townhomes, we've got you covered. These unique properties provide the benefits of homeownership without the burden of monthly condo fees. Discover more about this exciting housing option here.
Conclusion
As the Edmonton real estate market evolves, the numbers from July 2023 reveal both exciting opportunities and a steady demand for housing. With varying average and median prices across property types, the market caters to a diverse range of buyers and sellers.