Edmonton’s real estate market had a strong start to the spring season this March with significant sale activity increases across all property types. Home prices have also grown both on a month-over-month and year-over-year basis with surburban and freehold properties experiencing the greatest growth.
Notice: Year-over-year comparisons for March and the next two months will be exaggerated by the temporary downturn from the outbreak of COVID-19 in March 2020.
Average sold prices for all property types increased by 14% year-over-year to $391K. This increase was due to both an increased share of higher value detached and townhouse properties as well as price growth. Prices of detached homes and townhouses increased by 13% and 11% year-over-year to $458K and $348K, respectively. Condo apartments also saw year-over-year growth of 5% to $229K. However, after accounting for the temporary effects of COVID-19 last March, condo prices have actually remained stagnant this past year.
Home sales in the Greater Edmonton Area reached 2,441 home sold this month, a 109% increase vs. March. 2020. Sales of detached homes and townhouses rose by 118% and 117% to 1,586 and 287, respectively. Condos also experienced sales growth by 78% YoY to 512 transactions. While new listings have increased along with sales, inventory continued to decrease as buyers outnumber the number of available sellers.