Edmonton Real Estate Market update | March 2024

The Greater Edmonton Area (GEA) housing market is heating up for an early spring. The residential unit sales have surged to a total of 1,966 in February 2024, exhibiting an impressive increase of 36.9% from January 2024 and an astounding 52.6% from February 2023. Although the overall inventory increased by 5.8% from January 2024, it is still 14.3% lower than February 2023.

The detached unit sales showed the most impressive growth, with a whopping 32.5% increase from the previous month and a staggering 60.5% increase from the previous year, totaling 1,159 sales. Semi-detached unit sales and row/townhouse unit sales also showed a significant increase of 36.2% and 44.6%, respectively, compared to January 2024.

Detached homes have averaged $508,411, exhibiting a remarkable increase of 5.2% from January 2024 and a massive 10.7% from the previous year. The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $382,200, an impressive increase of 1.5% from January 2024 and 3.7% from February 2023.

According to Melanie Boles, the REALTORS® Association of Edmonton 2023 Board Chair, "If the month-to-month change in sales continues at this pace, then it will be a hot market indeed."

The residential listings averaged 50 days on the market, showing a month-over-month decrease of nine days and a seven-day decrease when compared to February 2023. Overall, it is safe to say that the GEA housing market is experiencing an early spring, and the sales surge is expected to continue in the coming months.

Edmonton Real estate Statistics
Edmonton real estate Stats Feb 2024

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