Edmonton, March, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for March 2023 decreased 44.6% compared to March 2022 but saw an increase of 42.1% from February 2023. New residential listings were down 22% year-over-year from March 2022, while also noting an increase of 32.3% from February 2023. Overall inventory in the GEA was up 22.1% from March of last year, and up 11.8% from the previous month.
For March, detached unit sales were down 47.5% from March 2022, but saw an increase of 48.4% from February 2023 at 1076. Semi-detached unit sales were down 58.2% year-over-year but increased by 20.7% from February 2023. Row/Townhouse unit sales also decreased 45% year-over-year and increased 49.2% month-over-month. Apartment Condominium unit sales saw a decrease of 19% from March 2022 but increased 30.1% from the previous month.
Total residential average prices hit $390,063, a 9.5% decrease from March 2022, and an increase of 5.6% from February 2023. Detached homes averaged $485,739, a 6.4% year-over-year decrease and a 5.7% increase from February 2023. Semi-detached sold for an average of $365,455, resulting in a small 4.1% decrease year-over-year, but saw an increase of 2.2% from the previous month. Row/townhouse prices were down 7.4% from March 2022 and 1.4% month-over-month, selling at $247,796. Apartment Condominium average prices hit $192,746, showing an increase of 2.9% from last month, and a decrease of 5.2% from March 2022.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $377,900, resulting in an increase of 1.7% from February 2023, but a decrease of 7.8% from March 2022.
Detached homes averaged 46 days on the market, an eight-day decrease from February 2023. Semi-detached homes averaged 39 days on the market, decreasing 17 days from the previous month, with row/townhouses averaging 52 days on the market, a decrease of eight days month-over-month. Apartment condominiums averaged 60 days on market, showing a decrease of five days from February 2023. Overall, all residential listings averaged 49 days on the market, increasing by 15 days year-over-year and dropping eight days from February 2023.