After a slow start to 2023, Edmonton’s real estate market experienced a sales boost in February with 31.2% more homes trading hands this month, according to the Realtors Association of Edmonton.
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Sentiment is Improving as we Move Towards a Strong Spring Market
There were 1,291 sales in February, up from last month’s 986. While an improvement month-over-month, numbers are still down 43.4% compared to last year’s explosive real estate market, but that is to be somewhat expected since winter tends to be the season when prospective buyers and sellers prepare for the spring market. Coupled with rising interest rates, many Canadian markets experienced a slow start to the year. The increased activity this month is providing optimism that the spring market will be strong, since sideline buyers finally seem ready to jump back in.
Despite the increased sales numbers and heightened optimism, almost every property type is spending more time on market compared to the same period last year. Currently, properties are trading hands in an average of 57 days, an increase of 10 days year-over-year, however, this is nine days less than the average last month. Apartment condos are spending the longest on market, at an average of 65 days, however, that is 17 days less than the average for the same property type in January. Detached homes moved the quickest in February, at an average of 54 days on market, down 11 days from January. While, semi-detached and row/townhouses averaged 56 and 60 days on market respectively, a month-over-month increase of six days for semi-detached properties, and a decrease of three days for tow/townhouses.
Edmonton Detached Homes for Sale
Buyers Will Finally Have More Options to Choose From
Inventory improved for the second month in a row, with an 8.9% increase in the number of homes for sale over January, resulting in 5,686 currently on the market. With greater sales numbers and inventory available, it would suggest that a lot of sellers who waited out the winter have decided to list their homes in preparation for the spring. Additionally, with greater available options, buyers will have more potential properties to choose from in the coming months.
Prices Aren’t Budging Despite Increased Activity
Prices have stayed relatively flat while sales numbers have improved. The average regional price was down 0.2% from last month to $369,286. Each property type has only experienced small increases, other than apartments, where the average price has dipped by 0.8% to $187,325. The highest increase came in the detached sector, where prices jumped 1.8% to $459,600. The slight price increase in detached homes signals that buyers in Edmonton are favouring this property type, and as more buyers come back into the market in the months to come, prices may experience more growth if the demand continues to grow, although likely not to the heights seen in early 2022.
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