May 2023 Market Update

In May 2023, the Greater Edmonton Area (GEA) real estate market experienced notable changes in residential unit sales and prices. This blog post provides an overview of the latest market statistics, including a comparison between May 2022 and April 2023. We'll explore the performance of various property types and highlight key insights for Fort Saskatchewan, Sherwood Park and Edmonton.

According to the MLS® Home Price Index (HPI), the composite benchmark price* for GEA was $378,800. This signifies a 0.5% increase from April 2023, but an 8.4% decrease from May 2022.

Melanie Boles, 2023 Board Chair of REALTORS® Association of Edmonton, states, "May saw some positive changes in the real estate market, albeit small. There were improvements in the year-over-year average prices for detached homes as well as row/townhouse and apartment condominium unit sales."

Detached homes averaged 40 days on the market, which is two days less than April 2023. Semi-detached homes averaged 37 days on the market, decreasing four days from the previous month, while row/townhouses averaged 42 days on the market, decreasing three days compared to the previous month. Apartment condominiums averaged 56 days on the market, with no change from April 2023. Overall, all residential listings averaged 42 days on the market, increasing by 13 days year-over-year but dropping two days from April 2023.

Fort Saskatchewan

Sherwood Park

Edmonton

In conclusion, the real estate market experienced a decrease in sales and prices in May 2023 compared to the previous year. However, the market is still active and competitive, with increased inventory and sales from the previous month. By staying informed about the market and taking care of their homes, buyers and sellers can be successful in the Edmonton area real estate.