November 2024 Edmonton Real Estate Market Update
The Edmonton real estate market in November 2024 has experienced notable shifts in both inventory and sales, providing valuable insights into the current state of the market. In this blog post, we’ll break down the key data points from the latest market update, including trends in inventory, sales, and pricing for various property types. Let’s take a closer look at what’s happening in Edmonton’s real estate landscape.
Inventory Levels in November
One of the most significant changes in the Edmonton real estate market for November was the 12% decrease in inventory. From October’s 5,125 listings, inventory dropped to 4,506 in November. This marks a noticeable shift, as fewer properties are available for buyers to choose from. While inventory tends to decline towards the end of the year, this drop still stands out compared to previous months, making the available options in November more limited.
The reduction in inventory could be attributed to several factors, including the seasonal slowdown and potential caution in the market due to external factors. However, this decline in listings can have a direct impact on the overall market activity, as fewer options often lead to less buyer competition and slower sales.
Sales Activity and Market Cooling
Sales activity in Edmonton also took a hit in November 2024, with a 23% decrease compared to the previous month. November saw 1,920 sales, down from 2,489 in October. This drop is consistent with the typical market cooling that happens as we move into the winter months, but it’s worth noting that this decrease is on the higher end of the spectrum compared to past years. In previous Novembers, sales dropped by 9% in 2023, and by 29% in 2022, so this year’s reduction is certainly within the usual range, albeit on the higher side.
The drop in sales can be attributed to several factors, including the seasonal slowdown, potential buyer caution in light of external economic and political factors, and the reduced inventory to choose from. This combination of factors often leads to slower market movement during the winter months, particularly in November, which is traditionally a quieter time for real estate transactions.
Year-to-Date Market Performance
Despite the slower pace in November, the overall year-to-date picture for 2024 is quite positive. With a total of 27,000 sales so far, the market is still up by an impressive 18% compared to 2023. This increase in sales is significant, especially when compared to the 24,000 sales in 2021, showing that the Edmonton market has remained robust throughout the year.
The healthy market activity in 2024 demonstrates the resilience of Edmonton’s real estate sector, even as the market experiences some fluctuations in the short term. The year-over-year growth in sales is a promising sign for both buyers and sellers, indicating that the overall market remains strong and active.
Price Trends in Edmonton Real Estate
When it comes to property prices, the Edmonton real estate market has seen relatively stable prices in recent months, with minor fluctuations. In November, the price of detached homes dropped by 1% compared to October 2024, but this still represents a healthy 14% increase year-over-year. This slight decline is typical for the winter months, but the year-over-year gain shows the overall appreciation in home values over the past year.
Semi-detached homes also saw a modest decrease of just over 1% in November, with prices still up by 8.6% year-over-year. Row houses experienced a more significant drop of 6.8%, but they remain up 3.6% when compared to the previous year. Interestingly, apartment condos saw a small increase of 0.7% in November, with a remarkable 90% increase year-over-year. This indicates that, while there have been some price adjustments in the market, overall, many property types have experienced solid growth over the past year.
Day-on-Market Trends
Another important indicator of market health is the average number of days it takes for a property to sell. In November 2024, detached homes had an average of 41 days on the market, up slightly from October’s 40 days but still lower than last year’s average of 46 days. This indicates that while properties are taking a bit longer to sell than in previous months, the market is still relatively efficient.
Semi-detached homes had an average of 32 days on the market, compared to 39 days last November. Row houses and apartment condos also saw improvements in their day-on-market statistics, indicating that properties are selling faster than they did a year ago. Overall, these day-on-market trends reflect a stable market, even with the seasonal slowdown.
Outlook for December and Beyond
Looking ahead, it’s likely that the Edmonton real estate market will continue to experience slower activity in December, as is typical for the winter months. Fewer listings and the holiday season tend to keep the market quiet during this time. However, the healthy year-to-date performance and the slight price adjustments in November suggest that the market remains in a solid position moving into 2025.
As we approach the spring market in early 2025, we may see a rebound in both inventory and sales as more buyers and sellers return to the market after the holiday season. With the year’s strong sales performance and stable prices, Edmonton’s real estate sector seems poised for continued growth and activity in the months to come.
Conclusion
November 2024 in Edmonton showed some expected trends, with a decrease in inventory and sales, as well as slight adjustments in property prices. Despite these changes, the market remains strong compared to previous years, with healthy year-over-year price increases and stable day-on-market trends. As always, we’ll keep an eye on how the market develops in the coming months and share any key updates with you.
For a more detailed breakdown of the numbers and trends, be sure to check out our full video update on the Edmonton real estate market for November 2024.
