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Edmonton real estate market: In April 2023, the Edmonton real estate market boasted a total of 2602 new homes for sale. reflecting a 7.7% increase from the prior month.
Home sales: The city of Edmonton also witnessed an 11.3% surge in home sales, with a total of 1434 properties sold in the month of April 2023. However, there was a decrease of -32.6% in year-over-year sales.
Detached Single-Family Homes: The mean price of a single-family detached home in Edmonton was $492,941.4, showing a 3.9% month-over-month uptick and a 4.7% year-over-year drop.
The median price of a home in Edmonton was $448,250, with a 2.4% month-over-month change and a 4.6% year-over-year decrease.
Real estate demand: The month-over-month increase in home prices may suggest a growing demand for real estate in Edmonton as we head into summer.
Sales-to-new-listing ratio: The sales-to-new-listing ratio for Edmonton stood at 0.55, indicating a well-balanced real estate market between buyers and sellers.
Days On Market: Different property types in Edmonton have varying days on the market, with detached single-family homes taking the longest to sell.
Detached single-family homes took an average of 70 days to sell, while duplexes and townhomes moved faster, spending only 59 days on the market.
Sales-to-new Listings Ratio: The sales-to-new listings ratio is an important metric that measures the connection between the number of homes sold and the number of new homes listed for sale during a specific time frame. It is obtained by dividing the number of homes sold by the number of new homes listed.
Mean vs Median Price: Median price is not affected by extreme values or outliers, which can skew the mean price.