March 2022 Market Update
March sees a large number of listings hit the market!
With more listings slowing coming to market, we see a little less stress for buyers. It is still a hectic time for sellers, with many showings, offers and shorter timelines. As more homes become available, we will see if the market stabilizes to a balanced market or if the lower interest rates will keep the demand high.
The total residential unit sales in the Greater Edmonton Area (GEA) real estate market for March 2022 increased 45.4% compared to February 2022 and 34.7% from March 2021.
For March, single-family home unit sales are up 21.2% from March 2021 and up 37.7% from February 2022 at 1,920. Condo unit sales increased 67.1% from March 2021 and were up 62.9% from February 2022. Duplex/rowhouse unit sales were up 54.2% year-over-year and increased 45.1% month-over-month.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $369,700, a 9.4% increase from March 2021 and up 4.5% from February 2022. This increase is excellent news for sellers as the market is rising.
“The Greater Edmonton and Area market continues to surprise us as we enter into what is normally the start of the busy season of real estate,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “Although we are seeing slightly lower increases for average sale prices across all categories, there has been a huge increase in the number of listings hitting the market as well the number of sales in the month of March.”
Fort Saskatchewan, Sherwood Park and Edmonton are seeing similar housing trends. With spring in the air, more buyers are looking to move into a property.
