The Edmonton area housing drop continues, with a 12 per cent year-over-year decrease in home sales from August 2021, shows the latest industry data.
Total residential unit sales in the Greater Edmonton Area (GEA) real estate market decreased 8.3 per cent compared to July 2022, said the Realtors Association of Edmonton (RAE) report released this week.
New residential listings, meanwhile, dropped 10.5 per cent month-over-month from July 2022 but saw a small increase of 0.9 per cent from August of last year.
“While we continue to see the Edmonton real estate market cooling down after a record-breaking period earlier this year, there is still a fair amount of activity happening,” said RAE chairman Paul Gravelle, in a news release.
“Although we’ve seen average prices decrease month-over-month across the board, single-family home prices are still above average from this time last year.”
Single-family home unit sales, at 1,034, were down both 17 per cent from August 2021 and 10.8 per cent from July 2022.
Condo unit sales, meanwhile, rose 5.8 per cent from August 2021 but were down 1.5 per cent from July 2022.
Duplex/rowhouse unit sales were down both 22.7 per cent year-over-year and 15 per cent from last month.
On the price side, single-family homes averaged $469,757, a 1.8 per cent year-over-year increase but a month-over-month decrease of 4.1 per cent.
Condominiums sold for an average of $220,051, a small drop of 3.3 per cent year-over-year and 4.2 per cent dip compared to July 2022.
Duplex prices increased 1.5 per cent from August 2021, at $360,570, but saw a 3.3 decrease from July 2022.
The MLS® Home Price Index (HPI) composite benchmark price in the GEA is $399,300, a 4.3 per cent increase from August 2021, with a small decrease of 2.8 per cent recorded from July 2022.
Single-family homes averaged 37 days on the market, up four days from July 2022, while condos averaged 54 days on the market, up by two days month-over-month. Duplexes averaged 37 days, a three-day increase compared to last month.
Overall, all residential listings averaged 42 days on the market, up three days month-over-month, with no change recorded when compared to August 2021.
