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Edmonton Realtors Market Report February 2024


The demand for homeownership grew strongly, January's sales came in at an impressive 46.8% higher than January 2023. The key driver of the housing market is the number of people moving to Alberta.

The City of Edmonton and Canadian Real Estate Association senior economists agree, Edmonton’s real estate market is forecasted to have a strong year. With over 1.2 million new people moving to Canada last year and a number of them moving to Alberta.

 If you are thinking of making a move in 2024, the early trend of strong real estate sales is an indication that we are in for a fast-moving year. Buyers should prepare by prequalify with their banks or mortgage brokers. Also, sellers to start early with a complimentary comparative market evaluation and a staging strategy.

 If you have any specific questions regarding your real estate goals, please call me direct, or email me at Alison@infoEdmonton.ca to schedule a complimentary consultation.

All the best,

Alison


Realtor Association of Edmonton, February 2, 2024: 

 “Edmonton real estate market is off to a good start for the year, with strong sales and prices compared to last year”, says Realtors Association of Edmonton.

  • Total residential unit sales in the Greater Edmonton Area (GEA) real estate increase 46.8% higher than January 2023.
  • New residential listings are 49.3% higher than in December 2023, and 2.3% lower than January 2023.
  • Overall inventory in the GEA decreased 12.1% from January 2023.
  • January detached unit sales are up 51.0% from the previous year.
  • Semi-detached unit sales showed an increase of 41.0% year-over-year.
  • Row/Townhouse unit sales had a similar nominal increase of an increase of 31.1% from the previous year.
  • Apartment Condominium unit sales also saw a significant year-over-year increase coming in at 50.0% over January 2023.
  • Total residential average prices came in at $398,724, a 2.5% increase from December 2023, and a 7.6% increase from January 2023.
  • Detached homes averaged $484,365, decreasing 1.0% from December 2023 and up from the previous year by 7.3%.
  • Semi-detached units sold for an average of $378,421, resulting in a 6.6% increase year-over-year, and a 4.0% increase from the previous month.
  • Row/townhouse prices were up 2.8% from December 2023 and 8.6% when compared to January 2023, selling at an average of $268,948.
  • Apartment Condominium average prices hit $192,660, increasing 12.8% over last month and 1.1% higher than the previous year.
  • The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $376,700, decreasing 0.1% from December 2023, and a year-over-year increase of 2.9% from January 2023.
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Edmonton Realtors Market Report September 2023

Despite higher interest rates, the Edmonton real estate market is still strong and affordable. Compared to August 2022, we are seeing stronger sales, lower inventory and prices are holding steady.

Realtors Association of Edmonton, September 1, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for August 2023 hit 2,250, increasing 21.8% compared to August 2022, dropping marginally from July 2023 by 3.1%. New residential listings were up 3.7% year-over-year from August 2022, and increasing 0.3% from July 2023. Overall inventory in the GEA was down 15.5% from August of last year, and down 2.7% from the previous month.

For August, detached unit sales were up 16.8% from August 2022 and decreased 5.8% from July 2023 at 1,311. Semi-detached unit sales were down 11.6% month-over-month but increased by 12.9% from this time last year. Row/Townhouse unit sales were up 50.0% from August 2022 and up 23.2% from July 2023. Apartment Condominium unit sales had an increase of 25.1% from August 2022, while noting a decrease of 6.9% from the previous month.

Total residential average prices came in at $397,811, a 0.5% increase from August 2022, and a drop of 2.7% from July 2023. Detached homes averaged $495,005, noting a 2.1% year-over-year increase, but a 1.4% decrease from July 2023. Semi-detached sold for an average of $373,175, resulting in a 4.3% increase year-over-year, and a decrease of 1.5% from the previous month. Row/townhouse prices were up 3.6% from August 2022 and down 4.1% month-over-month, selling at $253,345. Apartment Condominium average prices hit $192,815 showing a decrease of 1.0% from last month and an increase of 0.5% from August 2022.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $380,600, resulting in a decrease of 0.3% from July 2023, and a drop of 3.9% from August 2022.

“It’s not unusual to see a lot of activity in the market before we head into the cooler months, but it seems that buyers are sending a clear message that smaller, more affordable properties are what they want right now,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Unit sales for all categories are up from last year, but Row/Townhouses were the clear winner selling 50% more units than the same time last year and jumping 23.2% from the previous month. Condominium Apartment units continued to perform well, with units selling 25.1% better than August of 2022.”

Detached homes averaged 45 days on the market, increasing one day from July 2023. Semi-detached homes averaged 42 days on the market, increasing seven days from the previous month, with row/townhouses averaging 44 days on the market, an increase of three days month-over-month. Apartment condominiums averaged 56 days on the market, showing a two-day decrease from July 2023. Overall, all residential listings averaged 46 days on the market, increasing by four days year-over-year and one day from July 2023.

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
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