While Edmonton real estate may seem like it’s thriving compared to other major cities, with 27,116 listings and 15,860 sales this year, the reality is its real estate market is experiencing a sharp decline in sales volume this winter.
- Related Read: A Guide to the Real Estate Cycles for Buyers & Sellers
According to the Realtors Association of Edmonton, the number of residential units sold overall in the Greater Edmonton Area declined by 31.2% year-over-year in November and 14.8% month-over-month.
Single-Family Homes Face Largest Drop in Listing and Sales Volume
Month-over-month, new residential listings fell by 22.4%, only down 4.3% from November 2021. Single-family homes experienced the largest drop in sales month-over-month as buyers continue to favour more affordable property types. Month-over-month, sales declined by 18.5% and are down 36.2% year-over-year. However, average prices have flattened at $454,541, a slight 0.6% year-over-year decrease and a month-over-month loss of 1.8%.
Single-Family Homes for Sale in Edmonton
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While condo units faced a smaller decrease, they were not safe from the winter frost. Sales decreased by 5.6% month-over-month and 11% from 2021. Condominiums sold for an average of $216,690, with a decrease of 4.0% year-over-year and 3.4% compared to October 2022.
- Related read: Condos for Sale in Edmonton, Alberta
Condo Apartments for Sale in Edmonton
Comparatively, duplex/rowhouse unit sales dipped 14.1% from last month and 42.3% year-over-year. This is the only property type that has experienced a price increase over last year, up 4.3% from November 2021, and a 2.5% decrease from October 2022, landing at a current average price of $362,606.
Duplex/Rowhouses for Sale in Edmonton
Listings are Sitting on Market, Leading to Negotiating Power for Buyers
Although there is a lack of new properties entering the market, the ones listed are spending more time on the market. The average time that residential listings spent on the market were 52 days, a sharp increase of five days from October, signaling that prospective buyers are taking their time as market competition is light.
Condos took the biggest hit on listing lifespan. Condos spent an average of 58 days on the market, up three days from the previous month, while duplexes spent an average of 52 days on the market, up four days from October. On the other hand, the average time single-family houses spent on the market was 49 days, up five days from the previous month.
Although this isn’t great news for sellers with active listings, it does mean that buyers in the market may have more negotiating power. With less competition and listings spending more time on the market, now could be a great time to scoop up a deal. If you are ready to scoop up a deal in the Edmonton market, call us to speak to a real estate agent in your area who can help you find your dream home.
Still unsure if Edmonton is the right city for you? Check out our top five reasons you should call Edmonton home.
