EDMONTON AREA (GEA) REAL ESTATE MARKET FOR MARCH 2023
The Edmonton Area (GEA) real estate market for March 2023 has seen a decrease of 30.8% compared to April 2022, but it was up by 11.1% from March 2023. The real estate market has seen some fluctuation in the past year, with single-family homes down 32.9% from April 2022 but saw an increase of 14.2% from March 2023 at 1229. Duplex sales were down by 37% year over year, but they increased by 19.3% from March 2023. Condominium unit sales were down 23.2% from April 2022, but they increased by 1.3% from the previous month.
We will provide a comprehensive overview of the Edmonton Area (GEA) real estate market for March 2023, including sales trends, average prices, and days on the market.
Average Prices in the Edmonton Area (GEA) Real Estate Market
Total residential average prices hit $408k, a decrease from April 2022 but an increase of 4.8% from March 2023. Detached homes averaged $500k, which is a 3.1% increase from March 2023. Semi-detached homes sold for an average of $378k, which saw an increase of 3.7% from the previous month. The average price of condos sold was $192k, which is a decrease of 0.1% from March 2023.
Sales Trends in the Edmonton Area (GEA) Real Estate Market
The Edmonton Area (GEA) real estate market for March 2023 has seen a decrease of 30.8% compared to April 2022, but it was up by 11.1% from March 2023. Let's take a closer look at the sales trends of different types of properties in the Edmonton Area (GEA) real estate market:
Single-Family Homes
Single-family homes were down 32.9% from April 2022 but saw an increase of 14.2% from March 2023 at 1229. These numbers indicate that the market is on the rise, but it has not yet reached the levels of April 2022.
Duplexes
Duplex sales were down by 37% year over year, but they increased by 19.3% from March 2023. This trend shows that the market is slowly recovering.
Condominium Units
Condominium unit sales were down 23.2% from April 2022, but they increased by 1.3% from the previous month. Although the sales trend for condominium units is not as high as the other two types of properties, it still indicates that the market is on the rise.
Days on the Market in the Edmonton Area (GEA) Real Estate Market
Days on the market are an important indicator of the health of the real estate market. The Edmonton Area (GEA) real estate market has seen the following days on the market for different types of properties:
- Detached homes averaged 42 days on the market
- Semi-detached homes averaged 41 days on the market
- Condominiums averaged 45 days on the market
The average days on the market for detached homes and semi-detached homes are similar, indicating that buyers are interested in both types of properties.
Market is changing in to Seller's market due to the shortage of inventory. If you are interested in selliing your home. Please contact us Gurpreet Ghatehora Real Estate Team. RE/MAX RIVER CITY. 780-951-6530.
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