Courtesy of Jenny Narine

Housing Market Heating Up for an Early Spring

$181,347 apt./ condo DOWN 3.2% year-to-year

$508,411 detached UP 10.7% year-to-year

AVERAGE SALE PRICES

$275,735 row/ townhouse

2,762 NEW LISTINGS 1,966 SOLD LISTINGS

detached 1,643 513 detached 1,159 336

UP 9.7% year-to-year

apt./ condo

apt./ condo

2.4 MONTHS OF INVENTORY

71.2% SALES TO NEW LISTING RATIO

50 DAYS ON MARKET

4,805 ACTIVE LISTINGS

Edmonton, March 2, 2024: There were a total of 1,966 residential unit sales in the Greater Edmonton Area (GEA) real estate market for February 2024. New residential listings amounted to 2,762, a number 27.7% higher than in January 2024. Total residential average prices came in at $407,458, a 2.3% increase from January 2024, and a 10.4% increase from February 2023. Detached homes averaged $508,411, increasing 5.2% from January 2024 and up from the previous year by 10.7%. Semi detached units sold for an average of $385,163, a 7.7% increase year-over-year, and a 1.8% increase from the previous month. Row/townhouse prices were up 2.4% from January 2024 and 9.7% when compared to February 2023, selling at an average of $275,735. Apartment Condominium average prices hit $181,347,

decreasing 5.7% over last month and coming in 3.2% lower than the previous year. “It’s expected that the spring market will be busy this year, but when you see detached single family homes are already selling 60.5% more units than last year, it makes you sit up and take notice,” says REALTORS ® Association of Edmonton 2023 Board Chair Melanie Boles. “If the month-to month change in sales continues at this pace, then it will be a hot market indeed.” Overall, all residential listings averaged 50 days on the market. Statistics reflect market activity in February 2024 | Source: REALTORS ® Association of Edmonton | Market values stated are of the average of Edmonton and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

15 YEARS EXPERIENCE HAS ITS REWARDS. SELL WITH SUCCESS. BUY WITH CONFIDENCE.

JENNY NARINE

c: 780 886 9245 e: jenny@jennynarine.ca www.jennynarine.ca

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