Ups and Downs for the July ’23 Edmonton Market
“While both detached properties and apartment condominiums saw small drops in their average prices from this time last year, semi-detached homes and row/townhouses both saw a positive bump in average prices for July 2023,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “July also had an increase in sales across all categories, with apartment condominiums leading the way, noting a 31.6% jump from July 2022.”
The City of Edmonton stats are having its ups and downs this past month. Overall we are still in a strong seller’s market with the exception of apartment inventory which is in a balanced position.
All residential sales are down year over year 4.4% and down 1.3% month over month. Inventory is at 3.2 months.
Detached homes are down 3.9% Y/Y and up a marginal 0.1% M/M. Inventory is 2.7 months
Semi-detached homes are up 3.3% Y/Y and up 1.2% M/M with 1.9 months of inventory.
Row/townhouses are up 1.2% Y/Y and up a marginal 0.8% M/M. 1.9 months of inventory remaining.
Apartments are down 2.8% Y/Y and up 5.0% M/M. With a 4 month inventory level, apartments are in a balanced position.
Another increase in mortgage rates this past week is attracting serious buyers only. Low inventory levels continue to effect the Edmonton market so buyers have few choices. Homes that are in good condition and priced for current market are selling quickly. And often selling for over list price.
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