Total residential unit sales decreased by 26.1% compared to December 2021 and decreased by 22.1% from November 2022. New residential listings were down 12.9% year-over-year from December 2021, and down month-over-month, decreasing 38.8% from November 2022. Inventory was up 6.1% from December of last year but decreased 21.8% from November 2022.
Single-family home sales are down both 31.9% from December 2021 and 24.2% from November 2022, averaging $457,371, a 1.0% year-over-year decrease and a 0.6% increase from November 2022. They spent an average of 52 days on the market, a 6-day increase from December of last year.
Condo sales were down 2.8% year-over-year and decreased 15.5% from November 2022, averaging $207,114, resulting in a 4.6% decrease year-over-year, with prices down 4.4% compared to November 2022. They spent an average of 70 days on the market, increasing by 5 days year-over-year.
Duplex/rowhouse sales also fell 41.9% year-over-year and 33.6% month-over-month. Prices decreased 1.9% from December 2021, selling at $356,822, a 0.7% decrease from November 2022. They spent an average of 47 days on the market, with no change being reported from December 2021.
All residential prices average at $361,172, a 5.2% decrease from December 2021, and a 1.9% decrease from November 2022. The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $373,200, a 0.9% decrease from December 2021 and 0.1% from November 2022.
If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!