Average Pricing Up In December!
In spite of very low inventory numbers for all product categories, average home prices showed increases, year over year and month over month. Activity levels are low (number of transactions) but average pricing for December finished the year strong at $485,313.
“Though December’s month-over-month numbers are higher than in 2022, the strong second half of this year hasn’t quite achieved the level of activity seen in the previous year,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles.
Statistics for the month of December 2023 for the City of Edmonton only break down as follows:
All residential sales average price is down 6.2% year over year and up 3.2% month over month. With 3.6 months of inventory remaining we are in a Seller’s market.
Detached home average price is up 5.3% Y/Y and up 3.9% M/M. With 2.8 months of inventory, it too is in a Seller’s market position.
Semi detached (duplex) properties average price is up 6.5% Y/Y and up 1.8% M/M. With 1.9 months of inventory left it is favoring Sellers.
Row/Townhouse average price is up 10.7% Y/Y but down 4.4% M/M. With 1.7 months of inventory remaining, it is also favoring Sellers.
Apartment average pricing is down 2.7% Y/Y and up .8% M/M. Unique, this month, it is in a balanced market position with 4.1 months of inventory.
If you are thinking of making a real estate change or investment, please call me for more specific market information and professional representation.
Best wishes to you and those you love in 2024!
