Interest Rate Impacts Adding Pressure to Edmonton Market
Edmonton, November 4, 2024: There were a total of 2,489 residential unit sales in the Greater Edmonton Area (GEA) real estate market during October 2024, a 10.5% increase from September 2024 and 38.5% higher than October 2023. New residential listings amounted to 2,934, down 8.7% from September 2024 and up 9.2% higher from October 2023. Overall inventory in the GEA decreased 10.1% month-over-month and sits 17.4% lower year-over-year.
The total number of Detached unit sales was 1,431, an increase of 10.2% over the previous month and 37.2% over the previous year. Semi-detached unit sales increased 11.4% month-over-month and 38.6% year-over-year. Row/Townhouse unit sales increased 6.7% compared to September 2024 and had 38.0% more sales than October 2023. Apartment Condominium unit sales were 43.6% higher than the previous year and 13.9% higher than September 2024.
Total residential average prices came in at $440,089, a 0.1% decrease from September 2024, but reflecting an overall increase of 11.1% compared to October 2023. Detached homes averaged $552,954, showing no change from September 2024 but still 13.6% higher than the previous year. Semi-detached units sold for an average of $407,006, decreasing 1.5% from the previous month and up 5.6% year-over-year. Row/townhouse prices rose 4.9% from September 2024 and sit 19.0% higher than October 2023 with an average selling price of $307,854. Apartment Condominium average prices dropped 4.1% from September 2024 to $191,413, ending the month of October 6.0% lower than the previous year.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $403,500, decreasing 0.7% from September 2024 and up 7.7% from October 2023.
“The impact of lowering interest rates is keeping us busy, with buyers taking advantage of their increased buying power,” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “The number of units sold has spiked shortly after recent interest rate announcements, and while month-to-month prices are less volatile, overall, they’re still showing a marked increase from last year.”
Detached homes averaged 38 days on the market, an increase of two days from September 2024. Semi-detached homes decreased by one day to 29 days on the market, while row/townhouses recorded no change at 35 days. Apartment condominiums averaged 45 days on market, a decrease of three days. Overall, all residential listings averaged 37 days on the market, with no change month-over-month and a nine-day decrease in comparison to October 2023.
