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The Edmonton real estate market has had some interesting changes over last year! Let’s take a closer look at the first quarter of 2022 and compare it to the first quarter of 2023.
Total Listings: In the first quarter of 2022, we had 7,337 new listings. But in the first quarter of 2023, that number has dropped by 16.91%, meaning there were only 6,096 new listings this year.
Average List Price: In 2022, the average list price was $421K. But in 2023, that number has increased by 4.85%, making the average list price now $442K. So, if you’re thinking about selling, be certain to price properly.
Sales Average Price: The average sale price has decreased by 11.70%, meaning properties are selling for less this year. $356k vs $403K in Q1-2022
Total Sales: In 2022, there were 5,030 properties sold in the first quarter. But in 2023, that number has decreased by 41.39%, meaning there were only 2,948 properties sold this year.
Total Inventory Cost: In the first quarter of 2022, the total cost of inventory was $3.09B. However, in the first quarter of 2023, that number has decreased by 12.88%, bringing the total cost down to $2.69B.
Average DOM (days on market): In the first quarter of 2022, properties were flying off the shelves with an average DOM of just 68 days. However, in the first quarter of 2023, things have slowed down a bit with an average DOM of 96 days. That’s a 41.18% increase in the time it takes to sell a property! So, if you’re a seller, be prepared to have a little more patience while waiting for your property to sell.
Total Sales Volume Metric: In the first quarter of 2022, the market was on fire with a total sales volume of $2.03B. However, in the first quarter of 2023, the total sales volume has cooled down significantly, with a total volume of $1.05B.
Average LSR: The average asking to selling ratio has also decreased by 2.29%, which means buyers are getting slightly better deals.
There you have it! The Edmonton real estate market has certainly seen some changes since last year. No matter what the market looks like, I’m here to help you navigate it with expert advice and assistance.
