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Are you eager to dive into the latest real estate trends in Edmonton, Alberta? Well, you've come to the right place. In this comprehensive market update for September 2023, I’ll break down the key statistics and insights you need to make informed decisions, whether you're buying or selling a home in this vibrant city.
New Listings and Sales Overview
Let's start by examining the recent activity in the Edmonton real estate market. In September 2023, a total of 2330 homes were listed for sale. This figure represents a modest decrease of -4.8% compared to the previous month.
When it comes to sold properties, Edmonton witnessed 1397 transactions during the same period. This indicates a -12.4% decrease month-over-month. However, it's worth noting that there has been a significant 32% year-over-year increase, reflecting the city's dynamic real estate landscape.
Average Home Prices
Single-Family Detached Homes
Average Price: $487,812
Change (MoM): -1.5%
Change (YoY): 2.9%
The median price of a single-family detached home in Edmonton for September 2023 was $447,500. This represents a slight -0.1% decrease compared to the previous month, but a healthy 4.3% year-over-year increase.
Half-Duplexes
Average Price: $357,964
Change (MoM): -4.3%
Change (YoY): -6.1%
Half-duplexes saw a more significant decrease in average prices, with a -4.3% change month-over-month and a -6.1% decline year-over-year. The median price for half-duplexes was $358,000 with similar trends.
Condominiums
Average Price: $175,355
Change (MoM): -8%
Change (YoY): -2.6%
Condominiums experienced an 8% decrease in average prices month-over-month, with an average price of $175,354.7. The median price was $165,000, with a -5.7% change from the previous month.
Townhomes
Average Price: $262,956
Change (MoM): 5.9%
Change (YoY): 4.5%
Townhomes, on the other hand, saw an uptick in average prices, with a 5.9% increase month-over-month and a healthy 4.5% year-over-year growth. The median price stood at $265,750, reflecting a 10.8% month-over-month increase.
Sales-to-New-Listing Ratio
The sales-to-new-listing ratio for Edmonton in September 2023 was 0.6. This metric indicates the demand for housing relative to the supply. Different property types had varying ratios:
Detached Single Family: 0.58
Half Duplex: 0.68
Lowrise Apartment: 0.72
Residential Attached: 0.26
Townhouse: 0.8
These ratios provide valuable insights into the competitiveness of each property type in the current market.
Cumulative Days On Market
Understanding how long properties typically spend on the market can help both buyers and sellers. Here are the cumulative days on market for different property types:
Detached Single Family Homes: 66 days
Half Duplex: 44 days
Condo/Apartment: 78 days
Townhomes: 53 days
These figures highlight the varying pace of real estate transactions in Edmonton, with detached single-family homes taking a bit longer to sell compared to other property types.
Conclusion
With this comprehensive market update and the additional resources at your disposal, you're well-equipped to navigate the Edmonton real estate landscape in September 2023. Whether you're buying or selling, make informed decisions to ensure a smooth and successful transaction.
For a more detailed analysis of Edmonton's real estate market and to explore specific neighborhoods, check out our blog post on the Top 5 Richest Neighborhoods in Edmonton.
If you're considering selling your property, it's essential to understand the costs involved. Take a look at our article on How Much Does It Cost to Sell Your House in Alberta in 2023 for a comprehensive breakdown.
For a visual representation of the Edmonton zones, you can explore our 2023 Edmonton Zone Map.
And if you're in the market for a condo-free townhome, don't miss our dedicated page on No Condo Fee Townhomes.
Lastly, for those curious about homeowner associations, we've got you covered with our guide on What Is a Homeowner Association - Everything You Need to Know.