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Welcome to the latest Edmonton Real Estate Market Update for October 2023. As a dedicated real estate agent in Edmonton, I'm excited to provide you with the most recent data and insights into the Edmonton real estate market. In this report, we'll cover new listings, total sold homes, average prices, and much more, allowing you to make informed decisions for buying or selling your property.
New Listings Overview
Let's kick things off with a look at new listings for the month of October. We observed a total of 2031 homes listed for sale in Edmonton, representing a -12.8% change from the previous month. This is a significant shift, and it's essential for both buyers and sellers to stay updated on these fluctuations.
Total Sold Overview
Moving on to the total sold homes, October 2023 saw 1293 homes sold in Edmonton. This shows a -7.4% change compared to the previous month, but an impressive 28.4% increase year-over-year. These fluctuations in sales are indicative of the evolving market dynamics.
Single-Family Detached Homes
Let's delve deeper into the individual property types. The average price of a single-family detached home in Edmonton for October 2023 was $475,580.5, experiencing a -2.5% change month-over-month but a steady 1.9% growth year-over-year. Meanwhile, the median price stood at $436,980, showing a -2.4% change MoM and a promising 4% increase YoY.
Half-Duplex Properties
Half-duplexes have also seen significant changes. The average price in October was $398,919.5, marking a substantial 11.4% increase month-over-month and a remarkable 7.3% growth year-over-year. The median price of half-duplexes was $383,000, reflecting a 7% change MoM and a 4.9% rise YoY.
Condominiums
For those interested in condominiums, the average price in October was $200,666.3, with an impressive 14.4% increase month-over-month and a notable 13.9% growth year-over-year. The median price remained steady at $165,000.
Townhomes
Townhomes, a popular choice for many, had an average price of $259,108.7 in October, with a -1.5% change MoM and a 1.8% increase YoY. The median price was $258,500, showing a -2.7% change MoM and a solid 6% growth YoY.
Sales-to-New-Listing Ratio
The sales-to-new-listing ratio in Edmonton for October 2023 stood at 0.64, indicating a robust market with a healthy balance between new listings and sales.
Cumulative Days On Market
The days on market can give you insights into how long different property types are staying on the market. In October 2023:
Detached single-family homes spent an average of 66 days on the market before selling.
Half-duplexes were on the market for an average of 44 days.
Condominiums and apartments had a longer average of 78 days.
Townhomes spent an average of 53 days on the market.
If you're considering a real estate transaction in Edmonton, these statistics can help you make an informed decision based on your needs and preferences. Whether you're a buyer or a seller, understanding the market trends and property types is crucial for success in the Edmonton real estate landscape.
For a more detailed look into Edmonton's real estate market, check out our Top 5 Richest Neighborhoods in Edmonton based on data to explore some of the most sought-after areas. If you're selling your house, make sure to read How Much Does It Cost to Sell Your House in Alberta in 2023 for valuable insights into the selling process.
We've also created a handy Edmonton Zone Map to help you visualize the different areas within the city. Plus, if you're looking for no condo fee townhomes, be sure to explore our collection of such properties.
Understanding the real estate market is essential, but if you're new to the world of homeownership, you might want to learn more about Homeowner Associations and how they can impact your living experience.
In summary, the Edmonton real estate market continues to evolve, presenting opportunities and challenges for both buyers and sellers. If you're looking for specific MLS listings in Edmonton, don't hesitate to reach out to us at Home Analytics. We're here to help you navigate the market and find the perfect property for your needs.