If you have been following the Edmonton housing market over the past year you might be wondering how much longer the heat will last.
Well, if March’s record-breaking stats on home sales and prices are any indication, the market is not showing signs of cooling off anytime soon.
How much could you sell your house for in today’s market? Check comparables now.
Another record-breaking month for prices and sales
Limited inventory and high demand continues to drive increases in the average price for all homes, reaching a record high of $414,788. The previous record was set just a month before, with February’s average home price $401,390.
The majority of the current demand is for single-family homes. Sales for detached, single-family homes accounted for almost 60% of all real estate transactions in the Greater Edmonton Area with a total of 1,920 sales. That’s a substantial increase year-over-year compared to 1,584 for March 2021.
List your home with the best agent in Edmonton. Call/text Wally at 780.238.7384
Average sales price for single-family homes hits $504,000
While demand was up across all segments of the Edmonton housing market, the high demand for single-family homes drove the average price to an all-time high of $503,711 which is a jump from the previous record set in February of $493,543.
Demand also spiked for duplexes and townhomes in Edmonton with 441 total sales in March and an average sales price of $389,321. The jump in average price for duplexes and townhomes in Edmonton broke the previous record of $367,964 set in October 2007.
Strong start to spring housing market in Edmonton
Heading into May, the busy spring market is already well underway with a strong start and all signs pointing to strong sales continuing throughout the next 2-3 months. If you’re thinking about listing your home for sale, now is the time to seize the opportunities this market has to offer.
And if you’re looking to buy a home in Edmonton this season, there’s good news for you too. While supply does remain tight, March saw a considerable boost in the number of listings hitting the market up nearly 48% compared to February. You may still need to act quickly to get what you want in a market that is still seeing multiple offers on in-demand homes.
Looking for personalized advice on buying or selling a home in the Edmonton housing market? With nearly 20 years of experience, Wally can help you navigate this strong market.
Call/text Wally at 780.238.7384