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Edmonton real estate market slows further in November

Realtor Morgan Taylor hangs the sign for her newest listing in February 2022. Real estate prices in Edmonton kept falling in November 2022. Sarah Ryan / Global News

Edmonton home prices fell slightly and activity slowed in November, according to the monthly report released by the Realtors Association of Edmonton.

New listings were down 22 per cent from October. Sales across all categories were down 15 per cent compared to October and more than 30 per cent compared to November of last year.

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Prices in all categories continued their slow fall from the springtime peak. Single-family houses went for an average of $454,000, condos went for about $216,000 and duplexes sold for an average price of $362,000.

The Association’s chair said the market is returning to pre-COVID levels in the Edmonton area.

“While we’re not seeing significant changes to our average prices from the previous month or even last year, we are seeing an impact on residential sales and the number of listings hitting the market each month,” said Paul Gravelle.

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“We expect this normalization to continue as we move away from the flurry of pandemic activity and back to a more balanced market.”

Listings spent longer on the market last month — on average, homes were up for 52 days. When activity was at its hottest in April 2022, homes stayed on the market for an average of only 31 days.

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