What’s Happening in Edmonton’s Real Estate Market?

Early March Market Update

As we move into March, many people are asking what’s happening in Edmonton’s real estate market. The start of the year felt a little sluggish in terms of sales, but it wasn’t necessarily due to a lack of buyers. Instead, the bigger factor seemed to be limited inventory and buyer hesitation.

There were certainly homes available, but many buyers weren’t feeling the urgency to move forward unless the property was exactly what they were looking for. As new listings begin to return to the market, however, sales activity is starting to pick up.

Sales Activity

In February, there were 1,606 total sales, which represents:

• Up 39.7% from January

• Down 11.5% compared to February of last year

While the month-to-month increase is typical as the market begins to wake up after the holidays, sales are still trailing behind last year’s pace.

Year-to-date, sales are down 19% compared to the first two months of last year — which was an exceptionally strong year.

Inventory Levels

Edmonton currently sits at 3.4 months of inventory, which technically still places us in a seller’s market.

However, the market isn’t behaving like a typical aggressive seller’s market. In some areas, buyers are frustrated by limited selection, but overall we’re not seeing the same level of urgency or widespread multiple-offer situations that we experienced last year.

That said, there are certain pockets that remain very competitive, particularly:

• Sherwood Park

• St. Albert

In those areas, multiple offers and homes selling significantly over asking price are still common.

Average Days on Market

Homes are currently taking about 45 days on average to sell, which reflects a healthy but more balanced pace of activity.

Average Sale Prices by Property Type

Here’s where prices currently stand across the main housing categories:

Detached Single-Family Homes

• Average Price: $571,372

• Up 2.7% month-over-month

• Up 1.1% year-over-year

This indicates a relatively stable market, with values slightly higher than where they were at this time last year.

Semi-Detached Homes (Duplexes)

• Average Price: $441,958

• Up 4.5% month-over-month

• Up 4.8% year-over-year

This category actually saw one of the strongest year-over-year price increases.

Row Houses

• Average Price: $307,526

• Up 3.8% month-over-month

• Up 2.3% year-over-year

Row housing continues to show steady, modest growth.

Apartment Style Condos

• Average Price: $212,133

• Down 6% month-over-month

• Down 1.4% year-over-year

The condo market remains softer. There are very few new condo developments being built right now, and most apartment-style construction currently underway is focused on rental buildings.

As the rental supply is absorbed over time, we may begin to see healthier price growth return to the condo market.

What to Expect Next

With inventory slowly increasing and the spring market approaching, March is expected to be a more active month for real estate in Edmonton.

We’ll continue watching how buyer behavior evolves as more listings hit the market and demand adjusts.

Thinking About Buying or Selling?

If you’re considering buying or selling a home, or if you simply have questions about the market, feel free to reach out anytime. I’m always happy to have a conversation and help you understand what the current market means for you.