The Edmonton real estate market has experienced a cooldown in sales volume this fall after a relatively strong summer, driven by strong oil prices and greater affordability of homes. Prices of single-family, condo, and duplex/row homes experienced marginal changes month-over-month in October, but the number of new residential listings across all property types saw a sharp decrease of 13% compared to September.
Condo Selling Prices Remain Strong
Condo units have held their value in many cities across the country as the cost of borrowing has increased six times so far this year. However, the property type experienced the largest decrease in number of sales month-over-month, down 13.9% from September. The significant drop in new listings is the major culprit. In comparison, single-family home sales were down by only 2.8% month-over-month, and duplex/rowhouse sales were down 12.4% from September. According to the Realtors Association of Edmonton, new listings dropped 13% in October month-over-month. Nationally, the number of new listings edged down another 1% month-over-month but in some areas like the GTA, new listings are at historically low rates not seen since 2010, according to the Toronto Regional Real Estate Board (TRREB).
Although the number of sales is declining, down 6.7% from September, the value of condos remains strong. Condos sold for an average of $224,252, a decrease of only 0.3% year-over-year and an increase of 1.7% from September. Prices of single-family homes averaged $462,858, down only 0.3% month-over-month and still up by 2.7% year-over-year. Duplexes followed suit with single-family home price trends, still up by 3.7% year-over-year, but the average price of $372,027 decreased by 1% from September.
Even as Inventory Tightens, Days on Market are Consistent
As we move into the colder months, it’s normal to see a bit of a decline in inventory. Although still up by 0.8% from October 2021, prospective buyers may spend more time in the market as residential listings experienced that sharp decline from September.
The decline in inventory hasn’t yet affected the days on market. Sellers can expect inventory to still move in line with previous months. Single-family and condo inventory is still moving consistently, averaging 44 and 55 days on market respectively. A decrease of one-day month-over-month for condos, while single-family average days on market remain the same. Duplexes are experiencing slightly longer listing periods, up by three days month-over-month to an average of 48 days on market.
Worried about inventory tightening while still on the hunt for a place to call home in Edmonton? We have qualified real estate agents in your area that can help you navigate the changing market and find your dream home. Download our free Buyer’s Guide and give us a call today.