Edmonton, February 2, 2024:
- Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for January 2024 came to 1,439, an increase of 17.5% from December 2023, and 46.8% higher than January 2023.
- New residential listings amounted to 2,195, a number 49.3% higher than in December 2023, and 2.3% lower than January 2023.
- Overall inventory in the GEA decreased 1.9% from December 2023 and 12.1% from January 2023.
For January 2023:
Detached unit sales
- Totalled 876, higher than the previous month by 25.0%, and up 51.0% from the previous year.
- Averaged $484,365, decreasing 1.0% from December 2023 and up from the previous year by 7.3%.
- Averaged 60 days on the market, increasing seven days from December 2023.
Semi-detached unit
- Sales held steady at just 0.7% higher month-over-month but showed an increase of 41.0% year-over-year.
- Average of $378,421, resulting in a 6.6% increase year-over-year, and a 4.0% increase from the previous month.
- Averaged 53 days on the market, an increase of 12 days from the previous month.
Row/Townhouse unit
- Sales had a similar nominal increase of 0.5% compared to December 2023 and an increase of 31.1% from the previous year.
- Prices were up 2.8% from December 2023 and 8.6% when compared to January 2023, selling at an average of $268,948.
- Days on the market increased three days to 53.
Apartment Condominium unit
- Sales also saw a significant year-over-year increase coming in at 50.0% over January 2023, and increased 16.9% from the previous month.
- Average prices hit $192,660, increasing 12.8% over last month and 1.1% higher than the previous year.
- Averaged 65 days on the market, showing a nine-day increase from December 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. Overall, all residential listings averaged 59 days on the market, a month-over-month increase of 7 days and a 7-day decrease when compared to January 2023.
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.
“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 2023 Board Chair Melanie Boles. “But we’ll be watching our inventory very closely leading up to the spring market. We want enough new listings available to meet the demand that is clearly there.”
What we see:
All condo units sold in January 2024:
January was uncharacteristically busy for the first month of the year. We see inventory being absorbed from interprovincial migration. There is a big push towards the condo market due to a highly competitive market for single family homes. While days on market for solds are sitting at 57-60 days, hot pockets of listings are forming with high demand and low inventory. To navigate through this hot pocket areas, we recommend the right agent on your side, narrow down your search and commit the time it takes to view homes and get in to viewings sooner rather than later.
We expect demand for condos are increasing due to affordability, rising rent and cost of living costs. Projects to improve downtown are starting to take shape, we are seeing positive improvements in accepting condo living option as buyers look at managing rising costs properly to live centrally and smarter time management.