How was the Market Activity in October 2023

How was the Market Activity in October 2023
Edmonton, November 2, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for October 2023 came to 1,812, decreasing from September 2023 by 12.0%, but showing an increase of 21.0% over October 2022. New residential listings amounted to 2,753, which is 8.8% lower than September 2023, and 5.8% higher than October 2022. Overall inventory in the GEA showed decreases of 12.7% from October of last year and 4.9% from September 2023.

For October, detached unit sales totalled 1,055, a decrease of 12.7% from September 2023, but up 12.6% from the previous year. Semi-detached unit sales were down 9.2% month-over-month but showed an increase of 20.7% from October 2022.

Total residential average prices came in at $396,550, a 0.6% increase from September 2023, and a 0.7% decrease from October 2022. Detached homes averaged $486,751, amounting to a 1.8% year-over-year increase, but a 1.4% decrease from September 2023. Semi-detached sold for an average of $385,895, resulting in a 4.2% increase year-over-year, and a 9.0% increase from the previous month.

“We’ve seen in other markets what a low supply of inventory can do to home prices,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “And that applies on a smaller scale to any market during the colder season. There are buyers who can’t wait until spring when more properties become available, and they’re willing to spend more on the right place. But until we see interest rates come down, for many people those detached homes are still out of reach.”

Detached homes averaged 43 days on the market, increasing one day from September 2023. Semi-detached homes averaged 47 days on the market, an increase of 10 days from the previous month. Overall, all residential listings averaged 46 days on the market, increasing by two days month-over-month and dropping by four days in comparison to October 2022.

Sourced from RAE


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