Edmonton, April 2, 2024: There were a total of 2,467 residential unit sales in the Greater Edmonton Area (GEA) real estate market for March 2024, showing increases of 25.6% over February 2024, and 35.7% over March 2023. New residential listings amounted to 3,597, a number 32.4% higher than in February 2024, and 8.9% higher than March 2023. Overall inventory in the GEA increased 10.7% from February 2024, but is still 15.4% lower than March 2023.
Detached unit sales totaled 1,462, an increase of 26.1% over the previous month, and 36.8% higher than the previous year. Semi-detached unit sales increased 34.9% month-over-month and showed an increase of 43.9% year-over-year.
Total residential average prices came in at $420,959, a 3.4% increase from February 2024, and an 8% increase from March 2023. Detached homes averaged $517,131, increasing 1.7% from February 2024 and up from the previous year by 6.7%. Semi-detached units sold for an average of $408,555, an 11.5% increase year-over-year, and a 6.1% increase from the previous month.
“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%.” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “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.”
Detached homes averaged 40 days on the market, decreasing 8 days from February 2024. Semi-detached homes averaged 35 days on the market, a decrease of 7 days from the previous month. Overall, all residential listings averaged 39 days on the market, a month-over-month decrease of 11 days and a nine-day decrease when compared to March 2023.
Sourced from RAE
How was the Market Activity in March 2024
Comments:
Post Your Comment: