How was the Market Activity in February 2024

How was the Market Activity in February 2024
Edmonton, March 2, 2024: There were a total of 1,966 residential unit sales in the Greater Edmonton Area (GEA) real estate market for February 2024, showing increases of 36.9% over January 2024, and 52.6% over February 2023. New residential listings amounted to 2,762, a number 27.7% higher than in January 2024, and 9.3% higher than February 2023. Overall inventory in the GEA increased 5.8% from January 2024, but is still 14.3% lower than February 2023.

Detached unit sales totaled 1,159, a number 32.5% higher than the previous month, and 60.5% higher than the previous year. Semi-detached unit sales increased 36.2% month-over-month and showed an increase of 28.0% year-over-year.

Total residential average prices came in at $407,458, a 2.3% increase from January 2024, and a 10.4% increase from February 2023. Detached homes averaged $508,411, increasing 5.2% from January 2024 and up from the previous year by 10.7%. Semi-detached units sold for an average of $385,163, a 7.7% increase year-over-year, and a 1.8% increase from the previous month.

“It’s expected that the spring market will be busy this year, but when you see detached single family homes are already selling 60.5% more units than last year, it makes you sit up and take notice,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “If the month-to month change in sales continues at this pace, then it will be a hot market indeed.”

Detached homes averaged 48 days on the market, decreasing 12 days from January 2024. Semi-detached homes averaged 42 days on the market, a decrease of 11 days from the previous month. Overall, all residential listings averaged 50 days on the market, a month-over-month decrease of nine days and a seven-day decrease when compared to February 2023.

Sourced from RAE


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