Residential Inventory Still Strong in April
Edmonton, May 2, 2022: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for April 2022 decreased 10.9% compared to March 2022 and increased 2.0% from April 2021.
New residential listings increased both 8.8% year-over-year and 11.9% month-over-month from March 2022.
For April, single-family home unit sales were down both 6.3% from April 2021 and 11.3% from March 2022 at 1,704. Condo unit sales increased 26.6% from April 2021 but were down 7.2% from March 2022. Duplex/rowhouse unit sales were up 2.0% year-over-year yet decreased 20.6% month-over-month.
Single-family homes averaged $510,988, an 11.4% year-over-year increase and a month-over-month increase of 1.4%. Condominiums sold for an average of $237,249, seeing an increase of 3.7% year-over-year as well as an 3.2% decrease compared to March 2022. Duplex prices increased 17.8% from April 2021, selling at $409,428, resulting in a 5.2% increase from March 2022.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $376,600, a 9.4% increase from April 2021, and up 1.9% from March 2022.
“The real estate market continues to see modest increases for average prices for Single-family Homes,” says REALTORS® Association of Edmonton Chair Paul Gravelle. “As we enter into the warmer months of spring, we’re still seeing a strong level in the number of residential listings and inventory available in the Greater Edmonton Area.”
Single-family homes averaged 23 days on the market, a four-day decrease from March 2022. Condos averaged 45 days on the market, decreasing by six days month-over-month, while duplexes averaged 24 days on the market, a five-day decrease compared to last month. Overall, all residential listings averaged 31 days on the market, decreasing by six days year-over-year and down three days as compared to March 2022.
*The MLS® Home Price Index (HPI) is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices. It is designed to be a reliable, consistent, and timely way of measuring changes in home prices over time. You can find more information on the following pages.