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Overview
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The total number of homes listed for sale in Edmonton in November 2022 was 1550, a decrease of 22% from the previous month.
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860 homes sold during this time, representing a 14.6% decrease compared to the prior month and a 32.4% decrease compared to the same period last year.
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Edmonton is in a balanced market with a sales-to-new-listing ratio of 0.55.
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The average price of a single-family home in Edmonton saw a slight drop compared to the previous month.
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Home buyers in Edmonton can expect fewer choices as inventory levels remain low.
Sales-to-New Listing Ratio
The sales-to-new-listing ratio was 0.55, indicating that the Edmonton housing market is balanced.
Even though the market is balanced, it is important to note that inventory levels remain low which could make finding a home difficult.
New Listings
The total number of new home listings for November was 1550, a decrease of 22% from the previous month. This indicates that home buyers may have fewer options when searching for their perfect home as inventory levels are still fairly low.
New listings have been dropping for the past 6 months and November had seen the biggest drop since June.
Total Sold
The total number of homes sold for November was only 860, a decrease of 14.6% from the previous month and a 32.4% decrease year-over-year. Even with fewer homes getting listed on the market, buyers are holding back on making the purchase. This could be due to various factors such as high interest rates, uncertain economic conditions, and the possibility of a recession next year.
Single-Family Detached Homes
The average price of single-family detached homes in Edmonton during this period was $461,097, which is a decrease of 1.2% from the previous month and 1.2% year-over-year. The median price of a single-family home price for the month of November was $434,500.
Half Duplex
The average home price of a half-duplex for November was $363,325, a decrease of 2% from the previous month, and a decrease of 6.3% year-over-year. The median price of a duplex was $352,000 compared to $372,500 the previous month.
While the average and median prices of duplexes have decreased from the previous month, the year-over-year decrease was much greater.
Townhomes
The average home price of a townhome was $222,317, a decrease of 6.1% from the previous month and 1.7% year-over-year. The median price of a townhome was $221,000.
Townhome prices continue to be an attractive option for many homebuyers. The median sales price for townhomes has remained relatively stable compared to the previous month.
Condo
The Edmonton condo market showed a sign of strength in November 2022, with the average price reaching $215,199. This represented an increase of 3.1% from October 2022, and a decrease of 1.4% compared to the same month last year. The median condo price in Edmonton was slightly lower at $180,000.
Cumulative Days on Market (CDOM)
Duplexes had a CDOM of 66 days, with townhomes being slightly higher at 70 days. Similarly, single-family homes and condominiums/apartments had 78 and 115 days respectively. These data suggest that, in general, condominiums/apartments took longer to sell than other housing types.
Conclusion
The data shows that there is a decrease in new listings, sold listings, and average prices when compared to the previous month and year. The market appears to be slowing down as buyers are hesitant to make a purchase at this time. Similarly, the sellers are holding back as well keeping the inventory levels low.
Edmonton market remains affordable for homebuyers, but inventory levels are low which could lead to fewer options when browsing for a home.