The Edmonton housing market has shown some notable shifts in September 2024, and we’re here to provide you with a comprehensive update. Whether you’re considering buying, selling, or just staying informed, understanding the current market conditions is essential for making sound real estate decisions. Here’s what happened this month in the Greater Edmonton Area.
Sales Activity: Month-to-Month Decline but Annual Growth Remains Strong
The Edmonton real estate market experienced a dip in residential sales compared to August 2024, with 2,256 units sold, reflecting a 12.6% decrease. However, despite this month-to-month decline, sales were still 10% higher than September 2023. This year-over-year growth is a positive sign, indicating continued interest in the Edmonton housing market.
New Listings and Inventory: A Mixed Picture
There were 3,215 new listings in September, a 4.6% decrease from August. However, compared to September 2023, this is still a 6.4% increase, showing that sellers are maintaining confidence in the market.
As for inventory, we saw a slight decline—down 1.7% month-over-month and 12.1% year-over-year. This tightening of available homes may add further pressure on buyers, keeping demand stable and prices competitive.
Property-Specific Sales Data
Here’s a breakdown of how different property types performed:
- Detached homes saw a 11.1% drop in sales from August, with 1,299 units sold, yet showed an 8.2% increase year-over-year compared to September 2023.
- Semi-detached homes and Row/Townhouses both experienced notable declines, with sales dropping 15.8% and 15.4% from the previous month, respectively. However, annual growth tells a different story, with semi-detached homes up 12.9% and row/townhouses seeing a significant 25.9% increase compared to last year.
- Apartment condos followed the overall trend, down 12.6% month-over-month, but maintained a 2.2% increase year-over-year.
Price Trends: Market Resilience Reflected in Rising Prices
Despite the fluctuations in sales volume, prices remained strong across the Edmonton market:
- The average residential price for September was $440,366, a 1.2% increase compared to August and an impressive 11.7% jump from September 2023.
- Detached homes averaged $552,684, showing a 1.3% increase from the previous month.
- Semi-detached homes were priced at $413,252 on average.
- Row/townhouses came in with an average price of $292,875, and apartment condos averaged $199,564.
These steady price increases reflect the ongoing demand in the market, with buyers continuing to compete for available homes.
Days on Market: Slightly Longer Time to Sell
In September, the average time it took for homes to sell increased slightly to 38 days, which is 3 days longer than in August. However, homes are still selling faster than they did last year, with the average number of days on the market being 6 days shorter compared to September 2023.
Conclusion
The Edmonton real estate market remained robust in September 2024, despite a slowdown in sales compared to August. Inventory levels are tightening, but prices are holding strong, and year-over-year growth indicates sustained interest in the market. If you’re planning to buy or sell in the coming months, it’s important to stay informed on market conditions and trends to make the best possible decisions.
Keep checking in for future updates as we approach the end of the year, and don’t hesitate to reach out if you have any questions about the Edmonton real estate market.