MARKET  WATCH


Edmonton Market Update

Discover the latest trends in the Greater Edmonton Area (GEA) real estate market for March 2024! Last month, there were a total of 2,467 residential unit sales, marking an impressive 25.6% increase from February 2024 and a substantial 35.7% rise from March 2023. New residential listings also surged, reaching 3,597—a 32.4% boost from the previous month and an 8.9% rise from last year. While the overall inventory in the GEA saw a 10.7% uptick from February 2024, it remains 15.4% lower than March 2023.

Let's delve into the specifics:

  • Detached unit sales soared to 1,462, up by 26.1% compared to the previous month and a remarkable 36.8% increase from the previous year.
  • Semi-detached unit sales experienced a substantial 34.9% month-over-month increase and a 43.9% year-over-year rise.
  • Row/Townhouse unit sales also climbed by 29% from February 2024 and 31.4% from the previous year.
  • Apartment Condominium unit sales saw an impressive 30.8% increase from March 2023 and a solid 14.9% rise from the previous month.

As for prices:

  • The total residential average price reached $420,959, showing a 3.4% increase from February 2024 and an 8% rise from March 2023.
  • Detached homes averaged $517,131, marking a 1.7% increase from February 2024 and a 6.7% rise from the previous year.
  • Semi-detached units sold for an average of $408,555, showcasing an 11.5% increase year-over-year and a 6.1% rise from the previous month.
  • Row/Townhouse prices averaged $282,557, up by 2.5% from February 2024 and 13.9% from March 2023.
  • Apartment Condominium average prices hit $194,101, indicating a 7% increase from last month and a 0.6% rise from the previous year.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA reached $392,600, demonstrating a 2.7% increase from February 2024 and a 4.4% rise from March 2023.

According to REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles, "It's great to see an increase of just over 30% for new listings last month, but our overall inventory is still lower than last year by 15%. Unit sales numbers are still strong, but not outpacing the new listings; they're actually very balanced with each other, and that's positive for both buyers and sellers."

Homes in the market are moving swiftly:

  • Detached homes spent an average of 40 days on the market, an 8-day decrease from February 2024.
  • Semi-detached homes averaged 35 days on the market, down by 7 days from the previous month.
  • Row/Townhouses' days on the market decreased by 11 days to 34.
  • Apartment Condominiums averaged 47 days on the market, a significant drop of 18 days from February 2024.
  • Overall, all residential listings averaged 39 days on the market, showing an 11-day decrease from the previous month and a nine-day decrease compared to March 2023.

Stay informed with the latest real estate trends in the Greater Edmonton Area!

Stay tuned for more updates on Edmonton's dynamic real estate market! 🏡💼 #EdmontonRealEstate #MarketUpdate #RealEstateTrends"

 

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