Courtesy of Nabil John

High Demand for More Affordable Properties

$192,815 apt./ condo UP 0.5% year-to-year

$495,005 detached UP 2.1% year-to-year

AVERAGE SALE PRICES

$253,345 row/ townhouse

3,293 NEW LISTINGS 2,729 SOLD LISTINGS

detached 2,022 556 detached 1,311 349

UP 3.6% year-to-year

apt./ condo

apt./ condo

2.5 MONTHS OF INVENTORY

6,770 ACTIVE LISTINGS

68% SALES TO NEW LISTING RATIO

46 DAYS ON MARKET

Edmonton, September 1, 2023 - Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for August 2023 hit 2,250, up 21.8% compared to August 2022. New residential listings were up 3.7% year-over-year from August 2022. Overall inventory in the GEA was down 15.5% from August of last year. Total residential average prices came in at $397,811, a 0.5% increase from August 2022. Detached homes averaged $495,005, noting a 2.1% year-over-year increase. Semi-detached sold for an average of $373,175, resulting in a 4.3% increase year over-year. Row/townhouse prices were up 3.6% from August 2022, selling at $253,345. Apartment Condominium average prices hit $192,815 showing an increase of 0.5% from August 2022.

“It’s not unusual to see a lot of activity in the market before we head into the cooler months, but it seems that buyers are sending a clear message that smaller, more affordable properties are what they want right now,” says REALTORS ® Association of Edmonton 2023 Board Chair Melanie Boles. “Unit sales for all categories are up from last year, but Row/Townhouses were the clear winner selling 50% more units than the same time last year and jumping 23.2% from the previous month. Condominium Apartment units continued to perform well, with units selling 25.1% better than August of 2022.” Overall, all residential listings averaged 46 days on the market. Statistics reflect market activity in August 2023 | Source: REALTORS ® Association of Edmonton | Market values stated are of the average of Edmonton and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

nabiljohn@gmail.com www.nabiljohn.com 780-887-5259

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