Edmonton Real Estate Market Update – October 2024

As October wraps up, Edmonton’s real estate market continues to show remarkable trends. With inventory levels dropping and sales rising, it’s clear we’re still in a strong seller’s market. This article breaks down the latest stats and provides insight into what these numbers mean for buyers and sellers alike.

Key Highlights for October 2024

• Inventory: Down by 10.1%, with 5,125 active listings in the Greater Edmonton Area.
• Sales: Up by 10.3%, reaching 2,489 units sold.
• Market Position: With two months of inventory, Edmonton remains in a strong seller’s market.
• Price Trends: Stable to slightly increased prices across most property types, despite seasonal trends.

Inventory and Sales Trends

Inventory dropped significantly in October, falling by 10.1% to 5,125 listings. This reduction, paired with a 10.3% increase in sales (up to 2,489 units), further strengthens Edmonton’s position as a seller’s market. With only two months of inventory, properties are selling quickly, leaving buyers facing a competitive landscape.

Comparing Edmonton and Calgary

While Edmonton’s market has heated up, Calgary shows a different trend. Calgary’s inventory levels are slightly higher, with its months of inventory trending toward three months. Although Calgary’s sales figures remain within 5% of last year’s numbers, Edmonton’s relative affordability and strong job market may be attracting increased buyer interest, setting it apart from its southern neighbor.

Breakdown by Property Type

Analyzing market performance by property type gives us a closer look at where demand is strongest:

• Detached Homes: Prices are up 11.7% year-over-year. Month-over-month prices are down slightly by 0.3%, but overall, detached homes have shown robust price growth.
• Semi-Detached Homes: Minimal month-over-month decline of 0.1%, but an 8.9% increase year-over-year, indicating continued demand.
• Row Houses: One of the standout performers, row houses have seen a 7.6% month-over-month price increase and a significant 23.3% year-over-year increase, demonstrating strong buyer interest.
• Apartment Condos: Although month-over-month prices are down by 4.7%, they are still up 7.3% compared to last year, making this segment affordable yet appreciating.

Average Home Prices

October saw minor month-over-month adjustments across property types, but prices remained relatively steady:

• Detached Homes: Average price decreased slightly from $507,000 to $505,000.
• Semi-Detached Homes: Steady at around $407,000.
• Row Houses: Rebounding to an average price of $311,000 after a dip to $289,000 in September.
• Apartments: Average price of $181,000, a slight dip from last month but still accessible.

Outlook for Buyers and Sellers

This fall season has been unexpectedly active, with stable prices and rising sales. For sellers, this market presents an excellent opportunity, as well-priced homes are moving quickly. However, properties priced too optimistically may sit on the market longer, as buyers remain discerning. For buyers, patience and preparation are essential, as the best deals are likely to go fast.

Conclusion

Overall, Edmonton’s October 2024 real estate market is looking strong, especially for sellers. The combination of lower inventory, steady prices, and active buyers makes it an exciting time as we head toward the winter season. With stable year-over-year gains and low levels of inventory, the market remains competitive, and spring is likely to bring continued momentum. Stay tuned for next month’s update as we monitor these trends!