March sees large number of listings hit the market

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March, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for March 2022 increased 45.4% compared to February 2022 and increased 34.7% from March 2021. New residential listings increased both 7.6% year-over-year and 47.7% month-over-month from February 2022.

For March, single-family home unit sales are up 21.2% from March 2021 and up 37.7% from February 2022 at 1,920. Condo unit sales increased 67.1% from March 2021 and were up 62.9% from February 2022. Duplex/rowhouse unit sales were up 54.2% year-over-year and increased 45.1% month-over-month.

Single-family homes averaged $503,711, a 9.9% year-over-year increase and a month-over-month increase of 2.0%. Condominiums sold for an average of $245,070, seeing an increase of 6.7% year-over-year as well as an 8.4% increase compared to February 2022. Duplex prices increased 11.8% from March 2021, selling at $389,321, a 3.8% increase from February 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $369,700, a 9.4% increase from March 2021, and up 4.5% from February 2022.

“The Greater Edmonton and Area market continues to surprise us as we enter into what is normally the start of the busy season of real estate,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “Although we are seeing slightly lower increases for average sale prices across all categories, there has been a huge increase in the number of listings hitting the market as well the number of sales in the month of March.”

Single-family homes averaged 27 days on the market, a 15-day decrease from February 2022. Condos averaged 51 days on the market, decreasing by 10 days month-over-month, while duplexes averaged 29 days on the market, a 13-day decrease compared to last month. Overall, all residential listings averaged 34 days on the market, decreasing by eight days year-over-year and down 13 days as compared to February 2022.