Edmonton realtors predict strong spring housing market

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Compared to the beginning of the COVID-19 pandemic in March 2020, total residential unit sales in the Greater Edmonton Area increased 109.9 per cent in March 2021, according to the latest monthly numbers released by the Realtors Association of Edmonton.

March’s total sales were also up 52.8 per cent compared to February 2021.

“There have also been more sales of single-family homes, condos and duplexes compared to March
of last year as well as last month,” association chair Tom Shearer said in a statement.

“It is important to keep in mind what we experienced last March with the global pandemic and provincial lockdowns as it relates to the impact on year-over-year numbers. With that said, we are still witnessing a very strong start to the spring market.”

The number of new residential listings is up year-over-year, increasing 51.6 per cent from March 2020. New residential listings are also up month-over-month, increasing 55.7 per cent from February 2021.

Prices for housing increased across the board year-over-year. Single-family homes sold for an average of $457,936, a 13.3 per cent increase. Condos sold for 5.2 per cent more, or an average of $229,690. Duplex prices increased 11.1 per cent year-over-year to an average of $348,280.

Overall, all residential listings averaged 42 days on market in March 2021. That’s down by 18 days year-over-year and down by 10 days compared to February 2021.

ajoannou@postmedia.com

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