Edmonton, December 2, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for November decreased by 14.8% compared to October 2022 and saw a year-over-year decrease of 31.2% from November 2021.

New residential listings decreased 22.4% month-over-month from October 2022, with a marginal decrease of 4.3% from November of last year.

Single-family home unit sales were down both 36.2% from November 2021 and 18.5% from October 2022 at 708.

Single-family homes averaged $454,541, a small 0.6% year-over-year decrease and a month-over-month loss of 1.8%.

“We’re settling into a quieter market as we return to pre-COVID levels in the Edmonton housing market,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “While we’re not seeing significant changes to our average prices from the previous month or even last year, we are seeing an impact on residential sales and the number of listings hitting the market each month. We expect this normalization to continue as we move away from the flurry of pandemic activity and back to a more balanced market.”

Single-family homes averaged 49 days on the market, increasing by five days since last month. Overall, all residential listings averaged 52 days on the market, increasing by five days month-over-month and a three-day change being recorded from November 2021.