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If you are considering buying or selling a detached single family home in Edmonton, it’s important to stay up-to-date on the latest market trends and statistics. The first quarter of 2023 has brought some changes to the market, with decreases in new listings, sales, and total volume of sales, as well as an increase in the average days on market. However, the average list price has increased slightly.
New Listings: In the first quarter of 2022, there were 3,641 new listings for detached single family homes in Edmonton. However, in the first quarter of 2023, this number has decreased by 11.97% to 3,205 new listings. This means that there are fewer homes available on the market, which may lead to more competition among buyers.
Average List Price: Despite the decrease in new listings, the average list price for detached single family homes in Edmonton has increased slightly. In the first quarter of 2022, the average list price was $554K, and in the first quarter of 2023, it has increased by 2.21% to $566K. This indicates that the market is still strong, and that sellers may be able to ask for higher prices.
Total Cost of Inventory: The total cost of inventory for detached single family homes in Edmonton has decreased by 10.03% from the first quarter of 2022 to the first quarter of 2023. In the first quarter of 2022, the total cost of inventory was $2.02B, while in the first quarter of 2023, it has decreased to $1.82B. This means that there is less money tied up in inventory, which may be a good sign for sellers.
Total Number of Sales: The total number of sales for detached single family homes in Edmonton has decreased by 47.37% from the first quarter of 2022 to the first quarter of 2023. In the first quarter of 2022, there were 2,873 sales, while in the first quarter of 2023, there were only 1,512 sales. This indicates that the market has slowed down, and that buyers may have more negotiating power.
Average Sale Price: The average sale price for detached single family homes in Edmonton has also decreased slightly. In the first quarter of 2022, the average sale price was $495K, and in the first quarter of 2023, it has decreased by 6.69% to $461K. This may be due to the decrease in sales and the increase in days on market.
Average Asking to Selling Ratio: The average asking to selling ratio for detached single family homes in Edmonton has decreased by 2.52% from the first quarter of 2022 to the first quarter of 2023. In the first quarter of 2022, the average asking to selling ratio was 0.997, while in the first quarter of 2023, it has decreased to 0.972. This indicates that sellers may be accepting lower offers than they were in the past.
Average Days on Market: The average days on market for detached single family homes in Edmonton has increased significantly. In the first quarter of 2022, the average days on market was 56, while in the first quarter of 2023, it has increased by 62.50% to 91 days. This means that homes are taking longer to sell.
Total Volume of Sales: Finally, the total volume of sales for detached single family homes in Edmonton has decreased by 50.89% from the first quarter at $1.42B in 2022.
