Spring is in the air, and so is the buzz in Edmonton’s real estate market! February saw a noticeable uptick in activity, and if you’ve been wondering what’s happening with home prices, sales, and inventory, you’re in the right place. Let’s break down the latest trends and what they mean for buyers and sellers.

Sales Are Picking Up
The Greater Edmonton Area (GEA) saw 1,825 homes change hands in February—up 14.3% from January. That’s a strong start to what’s shaping up to be an early spring market. While sales were still 7.1% lower than last year, the momentum is building, and buyers are starting to get serious about making a move.

Inventory is Growing—But Still Tight
More homes hit the market in February, with 2,723 new listings—a 13.2% increase from January. That’s great news for buyers looking for options! However, total inventory remains 13.4% lower than last year, meaning we’re still in a competitive market where well-priced homes don’t last long.

Prices Are Trending Up
If you’ve been keeping an eye on home values, you’ll notice they’re on the rise. The average residential price hit $449,554, up 2.6% from last month and 10.5% higher than February 2024. Here’s how the different property types performed:

• Detached homes: $567,913 (up 1.2% from January, up 11.9% YoY)

• Semi-detached homes: $420,786 (steady from last month, up 8.9% YoY)

• Row/Townhouses: $300,818 (down slightly from January but still 9.1% higher than last year)

• Apartment Condos: $217,373 (up 7.3% from January and a huge 19.9% jump year-over-year!)

How Long Are Homes Taking to Sell?
Homes are selling faster across all categories! The average days on market dropped to 37 days—an 11-day improvement from January and 13 days quicker than last year. Here’s the breakdown:

• Detached homes: 39 days (down 12 days from January)

• Semi-detached: 26 days (down 11 days!)

• Row/Townhouses: 28 days (down 9 days)

• Condos: 48 days (down 9 days)

Buyers need to be prepared to move quickly when the right home comes up, especially as the market gets busier heading into spring!

What This Means for You

• Thinking of buying? The market is warming up, so get pre-approved and be ready to act fast when you find “the one.”

• Thinking of selling? With rising prices and more buyers entering the market, now is a great time to list your home and take advantage of the momentum.

If you have questions about how these market trends affect your real estate goals, let’s chat! Whether you’re buying, selling, or just curious, I’d love to help you navigate this exciting market with confidence.