Housing sales in Edmonton up 54.9% over last year

Transactions outpacing 2023's numbers by `generous margins': realtors' report

Homes in and around Edmonton are selling at nearly twice the rate they were this time last year, says the latest monthly report from the Realtors Association of Edmonton.

In April, 3,128 homes were sold in the greater Edmonton area which marks an increase of 27.1 per cent compared to last month, and 54.9 per cent more than April 2023.

“Sales continue to outpace last year's numbers with generous margins,” said Realtors Association of Edmonton board chairwoman Melanie Boles in a news release. “Sellers are doing their best to hold up their end, adding 8.7 per cent 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.”

The price of a detached home in the Edmonton area continues to rise, with April prices averaging $529,957, up 2.5 per cent from last month and 5.8 per cent from this time last year, when the average price came in at $500,905. In 2020, the average price of a detached home was $420,030.

Sales on semi-detached homes, or duplexes, rose even further last month, by 33.6 per cent compared to March and up 61.7 per cent yearover-year. Average prices for a duplex this year sit at $406,674, compared to $378,603 in 2023 — up 7.4 per cent year-over-year — and $328,870 in 2020.

The average townhome is selling for $294,417 this year, up 12.5 per cent compared to the last year, while the condo market remains tepid with the average price tipping it at $200,968, which is 3.7 per cent higher than last year.

When homes are put up for sale, they don't last very long.

The average detached home spends 36 days on the market, four days fewer than they did last month. The average duplex sells even faster at 29 days on the market, while a condo typically sells 33 days after being up on the market.

A total of 3,909 homes were brought onto the market in the last month, up 11.9 per cent compared to March. According to the Realtors Association's quarterly report released April 2, single-detached starts in the Edmonton area increased in February by 31.5 per cent year-over-year, making it the strongest February performance for Edmonton's single-family homebuilders since 2015.

The report includes home sales in Edmonton and surrounding areas, including Beaumont, Bon Accord, Bruderheim, Calmar, Devon, Fort Saskatchewan, Gibbons, Leduc, Legal, Morinville, New Sarepta, Redwater, Rural Leduc County, Rural Parkland County, rural Strathcona County and others.