Edmonton home sales are down 4% and the number of homes for sale down is 7%
This month, Edmonton has entered a more balanced market for the first time in 2022.
Edmonton’s housing market has seen less action this October as compared to the last 4 years. Prices are down 0.7% year over year which means opportunity for home buyers.
The media headlines can paint a gruesome picture but now can be a great time to buy and sell your home in Edmonton.
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Are you looking at buying or selling your home? Then you absolutely need to look at the specifics. The slowing of the housing market has not impacted all homes equally.
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Edmonton home sales drop 4% as listings fall 7%
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Edmonton inventory returning to normal levels as sales slow down
New listings in October were up 3% while sales were down 4% vs. the previous 4 years. Sales have been consistently high since October 2020, however recent months have seen the end of that trend.
The total number of homes for sale is down 7% compared to the average of the previous 4 years. Inventory has increased quickly in the last 6 months back closer to average levels.
‘Months of supply’ has climbed above 4.8 months which is down just 7% vs the previous 4 years.
Fewer months of supply make conditions more favourable for sellers, while higher months of supply are more beneficial for buyers. The current level would typically be seen as a ‘balanced market between buyers and sellers.
Overall, Edmonton prices are down 2.5% over last month, and down 0.7% over October last year.
What does this mean for sellers?
Right now supply is slightly low relative to previous years while demand is average, which means it is a more balanced market for people thinking of selling their home. Sellers who price their homes well will still be able to sell quickly. However, your specific property value will be determined by market forces both within your community and against similar active listings. To find out what supply and demand look like for your specific community, click here.
What does this mean for buyers?
There are currently slightly fewer homes for sale than there have been in previous years. This means active buyers need to move fast to beat other buyers to available listings.
Market conditions vary substantially by property type, community, and price range
Above, we’ve looked at the overall market for Edmonton, but different segments are performing very differently. Let’s look at a few examples.
Sales for detached homes were down 9% in October vs. previous years, while new listings were up 4%.
Edmonton Detached Homes
Detached homes have been the best-performing property type since the start of the COVID pandemic as buyers look for more space, however that trend is starting to reverse.
Detached prices are down 2.5% over last month, and down 0.3% over last year.
Edmonton Apartments
New listings of apartments were up 3% in October compared to the average of the previous 4 years, while sales were up 8%.
Apartment prices have generally been on a downward trend since 2015. This month saw prices go down 2.5% over last month, while being down 2.7% vs. October last year.
Edmonton Attached Homes
New listings of attached homes were down 7% while sales were up 3% in October (compared to the previous 4 years).
Attached prices are down 3.2% over last month while being down 1.2% over last year.
What really matters is what’s happening in your specific local property market. There are some communities, property types and price bands that are performing significantly better/worse.
To understand your local property market you need to look at your local data.
You can also see the sold price of any home that has sold in the last 12 years using Bōde’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
Would you like to understand the broader economic environment in Canada impacting home pricing and sales? Click here to take a high-level look!
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