Edmonton Market Will Thrive In 2023!
Fri, 10 Feb“The Edmonton real estate market remained relatively stable from December as we transitioned into the new year,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “While many categories saw minimal decreases month-over-month, average prices for both the row/townhouse and apartment condominium categories saw increases when compared to December 2022.”
As for the City of Edmonton specifically, here is how we started 2023.
All residential sales were down year over year by 6.4% and up a marginal .9% month over month. There is currently 5.4 months of inventory putting the Edmonton market in a balanced position.
Detached homes are down a marginal .6% Y/Y and down 2.5% M/M. They have 4.1 months of inventory just tipping them from a seller’s market to a balanced market.
Semi detached homes are down 5.1% Y/Y and down 4.1% M/M. They have 4.8 months of inventory putting them in a balanced position.
Duplex/rowhouses are up .6% Y/Y and up 2.6% M/M. With 2.4 months of inventory in a seller’s market, this product has performed the best in January 2023.
Apartment condos are up 10.4% Y/Y and down 1.9% M/M. They are in a buyer’s market position with 7 months of inventory to sell.
The 2023 Housing Forecast event put on by the REALTORS(R) Association of Edmonton had a common theme. Markets will soften over this year due to inflation and higher mortgage rates, but Edmonton is in a unique position of strong inter provincial migration and international migration. As well, our population base is the largest in the age category of people who typically buy property. So we will likely weather the difficult year ahead better than most markets. That is good news.
As always, if you need professional representation, please reach out.