Edmonton, March 2, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for February 2022 increased 69.3% compared to January 2022 and increased 41.7% from February 2021.
New residential listings increased both 13.7% year-over-year and 39.6% month-over-month from January 2022.
For February, single-family home unit sales are up 35.6% from February 2021 and up 71.9% from January 2022 at 1,394. Condo unit sales increased 55.2% from February 2021 and were up 62.9% from January 2022. Duplex/rowhouse unit sales were up 55.9% year-over-year and increased 87.7% month-over-month.
Single-family homes averaged $493,543, a 12.7% year-over-year increase and a month-over-month increase of 10.8%. Condominiums sold for an average of $226,811, a 1.8% decrease year-over- year, and prices are up 0.9% compared to January 2022. Duplex prices increased 9.1% from February 2021, selling at $374,290, a 2.1% decrease from January 2022.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $353,900, a 6.9% increase from February 2021, and up 2.8% from January 2022.
“We continue to see incredible momentum emerging out of the Greater Edmonton Area real estate market as we head into the warmer months,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “We saw huge increases in our month-over-month activity for residential listings and sales for the month of February.”
Single-family homes averaged 42 days on the market, a five-day decrease from February of last year. Condos averaged 61 days on the market, decreasing by one day year-over-year, while duplexes averaged 42 days on the market, a six-day decrease compared to February 2021. Overall, all residential listings averaged 47 days on the market, decreasing by five days year-over-year and down 10 days as compared to January 2022.
*The MLS® Home Price Index (HPI) is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices. It is designed to be a reliable, consistent, and timely way of measuring changes in home prices over time.