June 2023 Market Update
Here is the complete rundown on the Greater Edmonton Area's (GEA) real estate market for June 2023. Flip though to see all the stats for Fort Saskatchewan, Sherwood Park and Edmonton or read the highlights and hear some thoughts from the Chair of the Realtors Association of Edmonton.
Total residential unit sales hit 2,596, a decrease of 2.1% compared to June 2022 and 4.6% from May 2023.
New residential listings dropped 14.8% year-over-year from June 2022 and 3.9% from May 2023.
Overall inventory was down 11.7% from June 2022, but up 0.5% from May 2023.
Detached unit sales decreased 5.1% from June 2022 and 6.0% from May 2023.
Semi-detached unit sales were down 9.0% year-over-year, but increased 4.3% from May 2023.
Row/Townhouse unit sales saw a decrease of 6.9% year-over-year and 17.3% month-over-month.
Apartment Condominium unit sales had a 26.0% increase from June 2022 and 6.8% from the previous month.
Total residential average prices hit $412,334, a 3.1% decrease from June 2022, and a drop of 2.3% from May 2023.
Detached homes averaged $500,496, noting a 1.8% year-over-year drop and 2.7% decrease from May 2023.
Semi-detached sold for an average of $382,883, resulting in a 2.6% increase year-over-year and a 0.2% increase from the previous month.
Row/townhouse prices were up both 0.7% from June 2022 and 1.7% month-over-month, selling at $257,812.
Apartment Condominium average prices hit $194,910, showing an increase of 0.9% from last month and a drop of 4.9% from June 2022.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $383,600, resulting in an increase of 1.3% from May 2023, but a decrease of 7.2% from June 2022.
Detached homes averaged 40 days on the market, seeing no change from May 2023.
Semi-detached homes averaged 34 days on the market, decreasing three days from the previous month, with row/townhouses averaging 40 days on the market, a decrease of two days month-over-month.
Apartment condominiums averaged 55 days on the market, showing a one-day drop from May 2023.
Overall, all residential listings averaged 41 days on the market, increasing by nine days year-over-year and dropping one day from May 2023.
According to the REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles, “While we’ve noted that market activity has cooled heading into the summer months, we’ve seen slight improvements in average prices across several categories. Although detached homes saw a decrease of 2.7% from May 2023, semi-detached homes, row/townhouses and apartment condominiums, all saw slight improvements in their average prices from the previous month.”
