JANUARY 2024: EDMONTON REAL ESTATE MARKET UPDATE

• Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for December 2023 came to 1,229, decreasing from November 2023 by 24.4%, but showing an increase of 25.2% over December 2022. 
• New residential listings amounted to 1,497, which is 28.3% lower than November 2023, and 27% higher than December 2022. 
• Overall inventory in the GEA showed decreases of 6.7% from December of last year and 15.2% from November 2023.

• Detached unit sales totalled 701, a decrease of 24.4% from November 2023, but up 22.6% from the previous year. 
• Semi-detached unit sales were down 16.7% month-over-month but showed an increase of 42.9% from December 2022. 
• Row/Townhouse unit sales were down 19.2% from November 2023 and up 44.0% year-over-year. 
• Apartment Condominium unit sales saw numbers decrease as well, down 33.7% from last month and up only 9.6% compared to December 2022.

• Total residential average prices came in at $388,637, a 2.0% increase from November 2023, and a 3.5% increase from December 2022. 
• Detached homes averaged $489,392, amounting to a 3.8% year-over-year increase, a 2.2% increase from November 2023. Semi-detached sold for an average of $364,115, resulting in a 1.6% increase year-over-year, and a 0.5% increase from the previous month. 
• Row/townhouse prices were down 4.0% from November 2023 and increased 9.9% when compared to December 2022, selling at an average of $260,959. 
• Apartment Condominium average prices hit $170,408 showing decreases of 0.4% from last month and 5.2% from last year.

“Though December’s month-over-month numbers are higher than in 2022, the strong second half of this year hasn’t quite achieved the level of activity seen in the previous year,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “As the year closes, the year-to-date average selling price is $398,735, compared with $415,115 in 2022, and year-to-date average unit sales are still lagging by 8%.”

• All residential listings averaged 52 days on the market, a month-over-month increase of 3 days and a six-day decrease when compared to December 2022.
  
• Detached homes averaged 53 days on the market, increasing seven days from November 2023. 
• Semi-detached homes averaged 41 days on the market, an increase of two days from the previous month
• Row/townhouses’ days on the market increased to 52, a difference of eight days. 
• Apartment condominiums averaged 56 days on the market, showing a two-day increase from November 2023. 

• Year over year, we are doing substantially better in all sectors. We have seen migration into the province be a big factor as well as buyers looking to maximize affordability as rental rates are also increasing.

• Demand remains strong leading into end of the year with inventory lower, contributing to markets like townhomes to increase in value.

• Market peaked in June 2023 leading to a slow down for fall and turn around in mid november.

• Buying right now, clients are seeing the lower inventory of new options on the market creating more competition for certain options on the market. We recommend our clients to stay proactive with their search as new listings come up as they may face pent up demand for the home equating to multiple offers with lower days on market.
• Selling right now, certain homes are seeing some challenges getting buyers in, unique factors of the home/the market may pose continuous challenges and have to wait for market to adjust.  Listing right now in a market with less competition ahead of spring may be beneficial if you want to sell and planning to look at options in the spring.  We have seen uptake heading into the end of the year of those interested in listing ahead of the spring market.