Housing Market Shows Strong Sales, Still Moderate Prices
Edmonton, May 2, 2024: There were a total of 3,128 residential unit sales in the Greater Edmonton Area (GEA) real estate market during April 2024, showing increases of 27.1% over March 2024, and 54.9% over April 2023. New residential listings amounted to 3,909, a number 11.2% higher than in March 2024, and 13.7% higher than April 2023. Overall inventory in the GEA increased 2.7% from March 2024, but is still 20.5% lower than April 2023.
Detached unit sales totalled 1,858, an increase of 27.1% over the previous month, and 51.4% higher than the previous year. Semi-detached unit sales increased 33.6% month-over-month and showed an increase of 61.7% year-over-year. Row/Townhouse unit sales also increased 13.9% compared to March 2024 and 46.4% compared to the previous year. Apartment Condominium unit sales also increased 72.5% over April 2023, and 33.2% over the previous month.
Total residential average prices came in at $431,387, a 2.5% increase from March 2024, and 5.4% increase from April 2023. Detached homes averaged $529,957, increasing 2.5% from March 2024 and up from the previous year by 5.8%. Semi-detached units sold for an average of $406,674, falling 0.5% from the previous month, but up 7.4% year-over-year. Row/townhouse prices were up 4.2% from March 2024 and 12.5% when compared to April 2023, selling at an average of $294,417. Apartment Condominium average prices hit $200,968, increasing 3.5% over last month and coming in 3.7% higher than the previous year.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $397,200, increasing 1.2% from March 2024, and 5.4% from April 2023.
“Sales continue to outpace last year’s numbers with generous margins.” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “Sellers are doing their best to hold up their end, adding 8.7% more new listings to the market last month, and hopefully we’ll see even more homes up for sale now that prices are steadily rising.”
Detached homes averaged 36 days on the market, decreasing 4 days from March 2024. Semi-detached homes averaged 29 days on the market, a decrease of 6 days from the previous month, and row/townhouses’ days on the market decreased 1 day to 33. Apartment condominiums averaged 41 days on the market, dropping 6 days from March 2024. Overall, all residential listings averaged 36 days on the market, a month-over-month decrease of 3 days and an 8-day decrease when compared to April 2023.