MARCH 2023 MARKET STATISTICS UPDATE
Thursday Apr 06th, 2023
MARCH HOUSING STATISTICS: "Spring has come and the real estate market in Edmonton. "
Edmonton, April 06, 2023
Last month, the Greater Edmonton Area (GEA) reported an astonishing 44.6% year-over-year decrease in residential sales compared to March 2022 - even with a surge of 42.1% from February 2023! Additionally, new listings dropped by 22%, although they experienced an increase of 32.3% since February of this same year. GEA inventory saw increases too; up 22.1 % from last March and 11.8 % from just the month prior! These figures demonstrate that while there is still some uncertainty present in the market, progress is being made toward revitalizing it again after such a difficult time due to COVID-19 restrictions and regulations
In March, detached unit sales experienced a stunning decline of 47.5% from the same time in 2022 but rose by 48.4% compared to February 2023 with 1076 units sold. Semi-detached homes saw an even greater decrease of 58.2%, yet still achieved a notable increase month-over-month at 20.7%. Row/Townhouse properties dropped 45% year-over-year and increased 49.2% since February this year; Apartment Condominiums had 19% fewer sales than last March but surged 30.1%% for the current month.
The average price for all residential properties in March 2023 was $390,063, a decrease of 9.5% from the previous year and an increase of 5.6% from February 2023. Detached homes had an average cost of $485,739 which represented a 6.4% drop compared to this time last year but showed positive growth with a 5.7% rise since February 2023 figures were released. Semi-detached units sold at around $365,455 on average - down 4.1% over one year yet still experiencing.Reaching an average price of $247,796 in March 2021, row/townhouse prices suffered a decline of 7.4% from the previous year and 1.4% month-over-month. Meanwhile, apartment condominiums saw an uptick to reach a mean value of $192,746 since it had grown by 2.9% from February's figures and decreased 5.2% compared to the same period last year.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA showed a rise of 1.7% from February 2023, bringing it to $377,900 - however, this figure was still 7.8% lower than March 2022's total.
“We continue to see market activity pick up as the days begin to warm up as average prices and days on market continue to improve month-over-month,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “I think it’s safe to say that the spring market is here and in full force”.
In the month of March 2023, detached homes took only 46 days to be sold on average - a reduction of 8 days from February! Semi-detached houses averaged 39 days in the market - 17 fewer than last month. The same trend was seen with row/townhouses whose listings were completed within 52 days (-8 compared to previous months). Apartment condominiums had an average sale period of 60 days (with a five-day decline since February). Ultimately, all residential properties showed 49 days on the market- 15 more than last year but eight less than February.
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