Monthly Market Statistics Update


July Housing Statistics: "July sees first large decrease in Edmonton real estate market"

Edmonton, August 3, 2022: 

Total residential unit sales in the Greater Edmonton Area (GEA) real estate market decreased 23.8% compared to June 2022 and saw a year-over-year decrease of 10.3% from July 2021.

New residential listings decreased 14.8% month-over-month from June 2022 but saw an increase of 6.2% from July of last year.

Single-family home unit sales were down both 12.4% from July 2021 and 24.4% from June 2022 at 1,159. Condo unit sales also decreased 1.6% from July 2021 and 22.1% from June 2022. Duplex/rowhouse unit sales were down both 12.7% year-over-year and 21.3% from last month.

Single-family homes averaged $489,370, a 5.0% year-over-year increase and a month-over-month decrease of 1.0%. Condominiums sold for an average of $229,463, seeing a small decrease of 4.4% year-over-year and 3.7% when compared to June 2022. Duplex prices increased 4.3% from July 2021, selling at $372,864, but saw a 3.9% decrease from June 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $410,700, a 6.8% increase from July 2021, with a nominal decrease of 1.4% recorded from June 2022.

“This is the first time this year that we’ve seen such large decreases in our month-over-month statistics in the Edmonton real estate market,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “Although July is typically a slower month for real estate due to holidays, we expect to see a continued downward trend as we get closer to the start of fall.”

Single-family homes averaged 33 days on the market, seeing an increase of six days from June 2022. Condos averaged 52 days on the market, increasing by seven days month-over-month, while duplexes averaged 34 days on the market, a five-day increase compared to last month. Overall, all residential listings averaged 39 days on the market, increasing by six days month-over-month, with no change recorded when compared to July 2021.

*The MLS® Home Price Index (HPI) is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices. It is designed to be a reliable, consistent, and timely way of measuring changes in home prices over time. You can find more information on the following pages. 

Contact:

Paul Gravelle, REALTOR®, 2022 Chair

780-965-7369

Madeleine Burlin, Communications Manager

780-453-9302

Allan Font CPA, CMA, CAE, CRAE Interim President and CEO

780-453-9361


Important Notice: Effective June 1, 2022, the methodology and data for MLS® Home Price Index (HPI)  has been updated to keep in line with modern housing trends. The HPI tool has been refreshed with the full historical set rather than an incremental update to ensure that all data remains comparable over time and any historical revisions are always fully incorporated. Thus, you may notice data revision across Canada, and specifically on May's MLS® Home Price Index (HPI) stats reported this month.

Click here for more information on the change.

Click here to watch the explainer video on the MLS® Home Price Index (HPI) update.

Please feel free to forward your questions or concerns to technology@therae.com.


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