Steady Growth Indicates Positive Outlook for 2024

Edmonton, February 25/2024, The residential property market in the Greater Edmonton Area (GEA) witnessed robust activity in January 2024. Total unit sales soared to 1,439, marking a notable increase of 17.5% compared to December 2023 and a significant surge of 46.8% from January 2023. Meanwhile, new residential listings reached 2,195, showing a substantial uptick of 49.3% from December 2023, although slightly down by 2.3% from January 2023. Despite the heightened sales and listings, the overall inventory in the GEA saw a slight decrease of 1.9%

December 2023 and a notable decline of 12.1% from January 2023.

In December, detached unit sales reached 876, marking a 25.0% increase from the previous month and a significant 51.0% rise from the same period last year. Meanwhile, semi-detached unit sales remained relatively stable, with a slight month-over-month uptick of 0.7% and a notable 41.0% surge year-over-year. Row/Townhouse unit sales showed a modest increase of 0.5% compared to December 2023 and a substantial 31.1% rise from the previous year. Additionally, Apartment Condominium unit sales experienced a remarkable year-over-year growth, soaring by 50.0% compared to January 2023 and showing a healthy 16.9% increase from the previous month.

The average residential property prices reached $398,724, marking a 2.5% rise from December 2023 and a 7.6% increase from January 2023. Detached homes averaged $484,365, showing a 1.0% decrease from December 2023 but a 7.3% increase from the previous year. Semi-detached units sold for an average of $378,421, reflecting a 6.6% year-over-year increase and a 4.0% rise from the previous month. Row/townhouse prices rose by 2.8% compared to December 2023 and 8.6% compared to January 2023, with an average selling price of $268,948. Apartment condominiums saw their average prices reach $192,660, showing a notable 12.8% increase from the previous month and a 1.1% increase from the previous year.

The composite benchmark price* for homes in the GEA, as measured by the MLS® Home Price Index (HPI), stood at $376,700. This reflects a slight decline of 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 there.”

The average time on the market for detached homes rose to 60 days, up by seven days since December 2023. Semi-detached homes saw an increase of 12 days, reaching an average of 53 days on the market, while row/townhouses also increased by three days to 53. Apartment condominiums experienced a nine-day increase, averaging 65 days on the market compared to December 2023. Overall, residential listings averaged 59 days on the market, marking a month-over-month increase of 7 days and a 7-day decrease compared to January 2023.