Winter cooling effect takes hold of Greater Edmonton property market
Edmonton, December 3, 2024: There were a total of 1,920 residential unit sales in the Greater Edmonton Area (GEA) real estate market during November 2024, a 22.8% decrease from October 2024 and 18.4% higher than November 2023. New residential listings amounted to 2,114, down 27.9% from October 2024 and up 1.4% from November 2023. Overall inventory in the GEA decreased 12.1% month-over-month and 17.3% year-over-year.
The total number of Detached unit sales was 1,138, a decrease of 20.5% over the previous month but 23.6% higher than the previous year. Semi-detached unit sales decreased 27.8% month-over-month while remaining 18.0% higher year-over-year. Row/Townhouse unit sales decreased 23.2% compared to October 2024 and recorded 18.0% more sales than in November 2023. Apartment Condominium unit sales are still 3.1% higher than the previous year but slowed 27.3% since October 2024.
Total residential average prices came in at $436,401, a 0.9% decrease from October 2024, but reflected an overall increase of 14.7% compared to November 2023. Detached homes averaged $540,320, a 2.3% decrease from October 2024, and coming in 12.8% higher than the previous year. Semi-detached units sold for an average of $411,469, increasing 1.1% from the previous month and up 13.3% year-over-year. Row/townhouse prices fell 6.4% from October 2024 but are still 6.0% higher than November 2023 with an average selling price of $288,176. Apartment Condominium average prices rose 4.5% from October 2024 to $200,266, ending the month of November 17.0% higher than the previous year.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $402,100, decreasing 0.3% from October 2024 and up 7.9% from November 2023.
“The numbers reflect that the housing market is ready for its winter break while buyers and sellers focus on the holidays,” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “With early whispers of a busy spring market in 2025, now is the time for savvy property owners and investors to engage a REALTOR® and start making plans for the year ahead.”
Detached homes averaged 41 days on the market, an increase of three days from October 2024. Semi-detached homes increased by three days to 32 days on the market, while row/townhouses increased two days to 37. Apartment condominiums averaged 48 days on market, an increase of three days. Overall, all residential listings averaged 41 days on the market, with a four-day month-over-month increase and a five-day decrease in comparison to November 2023.
