How was the Market Activity in December 2023

How was the Market Activity in December 2023
Edmonton, January 3, 2024: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for December 2023 came to 1,229, decreasing from November 2023 by 24.4%, but showing an increase of 25.2% over December 2022. New residential listings amounted to 1,497, which is 28.3% lower than November 2023, and 27% higher than December 2022. Overall inventory in the GEA showed decreases of 6.7% from December of last year and 15.2% from November 2023.

For December, detached unit sales totaled 701, a decrease of 24.4% from November 2023, but up 22.6% from the previous year. Semi-detached unit sales were down 16.7% month-over-month but showed an increase of 42.9% from December 2022.

Total residential average prices came in at $388,637, a 2.0% increase from November 2023, and a 3.5% increase from December 2022. Detached homes averaged $489,392, amounting to a 3.8% year-over-year increase, a 2.2% increase from November 2023. Semi-detached sold for an average of $364,115, resulting in a 1.6% increase year-over-year, and a 0.5% increase from the previous month.

“Though December’s month-over-month numbers are higher than in 2022, the strong second half of this year hasn’t quite achieved the level of activity seen in the previous year,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “As the year closes, the year-to-date average selling price is $398,735, compared with $415,115 in 2022, and year-to-date average unit sales are still lagging by 8%.”

Detached homes averaged 53 days on the market, increasing seven days from November 2023. Semi-detached homes averaged 41 days on the market, an increase of two days from the previous month. Overall, all residential listings averaged 52 days on the market, a month-over-month increase of 3 days and a six-day decrease when compared to December 2022.

Sourced from RAE


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