Real estate in Edmonton in 2022 ended with more of a whimper than a bang, as the cool market conditions continued into December. Total residential sales fell by 22.1% from November, with 973 sales, while the average price fell by 1.9% to $361,172, according to the Realtors Association of Edmonton.
Market Conditions Continue to Tighten for Active Buyers
The winter market is, more often than not, one of the slowest times of year for real estate, with sellers looking to prep their homes for more of a Spring surge. Edmonton sellers have stayed true to that trend, choosing to hold off on listing their homes, causing new listings to fall by 38.8% from November. Inventory numbers are also down by 22.8% month-over-month, with 5,018 homes currently available for sale. This makes already tight market conditions even more difficult for motivated buyers who have limited inventory to choose from.
There were 644 single-family detached homes listed for sale in December, a 42.5% decrease month-over-month, while 388 condos and 128 duplex/row houses were put on the market, down from November by 37.9% and 31.9%, respectively.
Properties are spending longer on the market now. Homes are currently on the market for an average of 58 days, compared to the year-over-year and month-over-month numbers of 52.
Condos are trading hands slower than any other property type, spending a whopping 70 days on the market on average, up five days month-over-month and well above its year-to-date average of 53 days.
Edmonton Condos for Sale
Single-family homes are following a similar trend to condo apartments, with longer days on market. In December, the average for this property type was 52 days on the market, up by six days month-over-month. Duplex/row houses, on the other hand, have been on the market for an average of 47 days, without change month-over-month.
Edmonton Single-Family Homes for Sale
Edmonton Townhouses for Sale
Buyers may find value in sellers desperate to offload their homes, but with fewer options on the market, finding the right home with the current market conditions may require a little extra patience.
Edmonton Property Prices Flatten
The popularity of condo purchasing has fallen over the winter. The seventh interest rate hike announced early in the month and the ordinarily slow winter market could have driven those looking to buy into the rental market instead. Single-family detached homes rose in price by 0.6%, while duplex/row houses fell by 0.7% to $457,371 and $356,822, respectively. The more significant dip in condo prices has driven the decline in Edmonton. Without it, the difference from last month would be almost negligible.
While there are fewer listings on the market, buyers have the added benefit of seeing average prices in the area continue to fall. The average selling price of all residential property types in November was $368,576, a drop of 3.4% month-over-month and prices fell a further 1.9% in December to $361,172.
That 1.9% is mainly due to condo prices declining by 4.4% month-over-month to $207,114. However, the rate that prices are declining is slowing, which could suggest that prices in Edmonton are flattening. For sideline buyers that have been waiting for the “right time” to enter the market or to get a deal, this might be it.
Ready to take advantage of flattening prices in Edmonton? Let us connect you to a local real estate agent! Download our free Buyer’s or Seller’s Guides if you’re considering a move in Edmonton or the surrounding areas.
