Edmonton home sales plummet, single-family home prices remain high

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The decline in housing in the Edmonton area continues, with home sales down 12% year-over-year from August 2021, according to the latest industry data.

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Total residential unit sales in the Greater Edmonton Area (GEA) real estate market are down 8.3% from July 2022, according to the Realtors Association of Edmonton (RAE) report released this week.

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New residential listings, meanwhile, fell 10.5% month-over-month from July 2022, but edged up 0.9% from August last year. .

“While we continue to see the Edmonton real estate market cool off from record highs earlier this year, there is still plenty of activity,” RAE President Paul Gravelle said in a news release.

“While we saw average prices decline month over month across the board, single family home prices are still above average compared to the same time last year.”

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Single-family home sales, at 1,034, were down 17% from August 2021 and 10.8% from July 2022.

Condominium unit sales, meanwhile, were up 5.8% from August 2021, but down 1.5% from July 2022.

Duplex/townhouse sales were down 22.7% year over year and 15% from last month.

On the price side, single-family homes averaged $469,757, up 1.8% year-over-year but down 4.1% month-over-month .

Condominiums sold for an average of $220,051, a slight decrease of 3.3% year over year and a decrease of 4.2% from July 2022.

Duplex prices rose 1.5% from August 2021, to $360,570, but were down 3.3% from July 2022.

The composite benchmark MLS® Home Price Index (HPI) price in the GEA is $399,300, an increase of 4.3% from August 2021, with a slight decrease of 2.8% recorded from July 2022.

Single-family homes were an average of 37 days on the market, up four days from July 2022, while condominiums were an average of 54 days on the market, up two days from a month on the other. Duplexes lasted an average of 37 days, an increase of three days from last month.

Overall, all residential listings were an average of 42 days on the market, up three days month-over-month, with no recorded change from August 2021.


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