February Housing Market Stats: Edmonton's Housing Market Surges with Month-Over-Month Increases in Sales.
March 04, 2023
In February 2023, the number of homes sold in the Greater Edmonton Area was less than it was in February 2022. It was 43.4% lower. But from January 2023 to February 2023, there were more homes sold - 31.2% more. The number of new listings for homes was lower than last year too, but 15.1% higher than in January 2023. There are also more houses for sale now compared to last year - up by 8.5%.
In February, detached homes sold 50.9% less than in February of last year, but 725 were sold which was 24.4 % more than in January this year. Semi-detached homes were 47.7% less in February compared to last year, but there was a 50% increase from the month before. Row/Townhouses went down 33.9% from last year and 26.4% more than the month before that. Apartment Condominiums were only 2.1% lower than in February last year and had a 47.7 % increase from January this year. The average price of homes was $369,286 in February 2023. That is lower than the same month last year but higher than January 2023. Detached homes were an average of $459,600. That is lower than last year and higher than this January. Semi-detached homes sold for an average of $357,611. This is a small decrease from
the year before. Row/townhouse prices were down 4.3% from last year, but went up 1.4% since January this year and sold at $251,332 on average. Apartment Condominiums sold for an average of $187,325 which was slightly lower than last year and 0.8% lower than last month.
The GEA had a benchmark price of $371,600. This was a decrease of 5.9% from February 2022 and an increase of 0.8% from January 2023.
Detached homes took an average of 54 days to sell, which was 11 days less than in January 2023. Semi-detached homes took 56 days to sell, which was 6 days more than the last month. Row/townhouses were on the market for an average of 60 days, 3 fewer than before. Apartment condos stayed on the market for an average of 65 days. This was 17 days less than in January 2023. All homes stayed on the market for 57 days, which was 10 days more than last year, but 9 days less than in January 2023.
“While numbers are not quite where they were at this time last year, we’re still seeing large percentage increases month-over-month in many of the categories,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “There are lots to look forward to as we head into the warmer months and we’re feeling optimistic as we set our sights on the Spring market.”
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