Edmonton, March 4, 2020: Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for February 2020 increased 8.30% compared to February 2019 and increased 32.29% from January 2020. The number of new residential listings is up, increasing 4.21% from February 2019 and increasing 12.20% from January 2020. Overall inventory in the Edmonton CMA fell 7.86% from February of last year but increased 9.56% from January 2020.
For the month of February, single family home unit sales are up 11.11% from February 2019 and up 29.82% from January 2020. Condo unit sales increased 5.97% from February 2019 and increased 52.69% from January 2020.
All residential average prices are down slightly at $350,852 a 0.88% decrease from February 2019, and are down 0.04% from January 2020. Single family homes sold for an average of $426,191, a 0.57% year-over-year decrease from February 2019, and a 2.96% increase from January 2020. Condominiums sold for an average of $212,520, a 4.37% decrease year-over-year, and prices are up 4.00% compared to January 2020. Duplex prices rose 0.19% from February 2019, selling at $321,892, which was a 4.99% decrease from January 2020.
“The Edmonton market prices remained stable this month and we saw an increase in year-over-year unit sales,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “We typically see an increase in activity at this time of year as we head into spring. There have been more sales of single family homes and condos than in February of last year while duplexes are down. Single family home pricing decreased 0.57%, duplexes are up 0.19%, and condos are down 4.37% year-over-year.”
Single family homes averaged 71 days on the market, a one-day increase from last year. Condos saw a two-day decrease at 74 days on the market while duplexes averaged 80 days on market, identical to February 2019. Overall, all residential listings averaged 74 days on market, a 1.37% increase year-over-year, and decreased by five days compared to the previous month.