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.