Edmonton Monthly Market Update: Residential Unit Sales Down 2.6% from this time last year
Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for March 2020 decreased by 2.59% compared to March 2019 and increased by 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 by 2.04% from March 2019 and increased by 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 fewer 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.