Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for March 2020 decreased 2.59% compared to March 2019 and increased 10.31% from February 2020. The number of new residential listings is down year over year, decreasing 14.01% from March 2019. New residential listings are up month over month, increasing 7.72% from February 2020. Overall inventory in the Edmonton CMA fell 12.66% from March of last year but increased 5.75% from February 2020. For the month of March, single family home unit sales are down 2.02% from March 2019 and up 13.59% from February 2020. Condo unit sales decreased 2.04% from March 2019 and increased 1.41% from February 2020.
All residential average prices are down to $343,951, a 3.78% decrease from March 2019, and down 1.97% from February 2020. Single family homes sold for an average of $404,344, a 4.64% year-over-year decrease from March 2019, and a 5.13% decrease from February 2020. Condominiums sold for an average of $218,613, a 2.50% increase year-over-year, and prices are up 2.87% compared to February 2020. Duplex prices dropped 6.28% from March 2019, selling at $313,443, which was a 2.62% decrease from February 2020.
“The Edmonton market prices have declined in March and we saw a slight decrease in year-over-year unit sales,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “Of course, with the outbreak of a global pandemic and a hard hit to Alberta’s oil and gas sector, this type of market slowing is not surprising. There have been less sales of single family homes, condos and duplexes than in March of last year. Single family home pricing decreased 4.64%, duplexes are down 6.28%, and condos are up 2.50% year-over-year.”
Single family homes averaged 54 days on the market, a six-day decrease from last year. Condos saw an eleven-day decrease at 66 days on the market while duplexes averaged 68 days on market, a three-day increase compared to March 2019. Overall, all residential listings averaged 60 days on market, a 9.09% decrease year-over-year, and decreased by fourteen days compared to the previous month.
Review these statistics and more at www.ereb.com.
Highlights of MLS® System activity (for all-residential sales in Edmonton CMA1)
|March 2020||M/M % Change||Y/Y % Change|
|SFD2 average(3) selling price – month||$404,344||-5.13%||-4.64%|
|SFD median(4) selling price – month||$377,000||-0.26%||-3.32%|
|Condominium average selling price||$218,613||2.87%||2.50%|
|Condominium median selling price||$204,750||2.38%||4.20%|
|All-residential(5) average selling price||$343,951||-1.97%||-3.78%|
|All-residential median selling price||$335,750||2.96%||-1.25%|
|# residential listings this month||2,694||7.72%||-14.01%|
|# residential sales this month (reported)||1,166||10.31%||-2.59%|
|# residential inventory at month end||7,244||5.75%||-12.66%|
|# Total(6) MLS® System sales this month||1,395||7.72%||-2.65%|
|$ Total value MLS® System residential sales - month||$415,153,457||7.62%||-7.00%|
|$ Total value MLS® System sales – month||$609,748,518||35.55%||18.11%|
|$ Total value MLS® System sales – YTD||$1,404,118,693||76.67%||12.42%|
1 Census Metropolitan Area (Edmonton and surrounding municipalities)
2 Single Family Dwelling
3 The total value of sales in a category divided by the number of properties sold
4 The middle figure in a list of all sales prices
5 Residential includes SFD, condos and duplex/row houses.
6 Includes residential, rural and commercial sales
Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period sales figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end. The RAE trading area includes communities beyond the CMA (Census Metropolitan Area) and therefore average and median prices may include sold properties outside the CMA. For information on a specific area, contact your local REALTOR®.
The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927, is a professional association of real estate
Brokers and Associates in the greater Edmonton area. The Association administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice. The Association also advertises property listings and publishes consumer information on the Internet at www.REALTOR.ca and www.ereb.com, as well as in the Real Estate Weekly and on their web site at www.rewedmonton.ca. REALTORS® support charities involving shelter and the homeless through the REALTORS® Community Foundation.
Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).