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Edmonton Real Estate Market – October 2024
# Edmonton Real Estate Market
Edmonton’s real estate market has shown impressive growth through the year 2024, demonstrating a robust recovery and sustained demand across various property types. This detailed analysis provides insights into the performance of the market, helping potential buyers, investors, and industry stakeholders understand the key trends and factors driving the local real estate dynamics.
Below Graphs Are Interactive.
Edmonton New MLS® Listings
New Listings
The total number of new listings in 2024 shows a healthy market activity with 25.4K new listings year-to-date, which is a 10.77% increase from the 23.8K listings in 2023. The consistent supply of new properties helps maintain a balanced market, ensuring that both buyers and sellers have ample opportunities to engage.
Average List Price Edmonton Real Estate Market
Property values have also seen a steady increase. The average asking price in 2024 rose by 4.15% year-to-date, reaching $472K compared to $460K in 2023. This trend is indicative of the market’s healthy appetite, where buyers are willing to invest in higher-priced properties, influenced by both the quality of listings and competitive market conditions.
Home Sales In The Edmonton Real Estate Market
Growth in Sold Properties
The year 2024 has been marked by a significant increase in property sales. As of October, Edmonton has witnessed a remarkable 33.66% rise in sold properties compared to the same period in 2023, with 1.78K properties sold in the month alone. Year-to-date (YTD), the market has seen 17.9K properties sold, marking a 27.67% increase from the 14.0K properties sold by October 2023. This surge reflects a growing buyer confidence and an invigorating market environment.
Edmonton Average Home Sale Price
The average sale price tells a similar story of growth, where the monthly figures for October show a price of $419K—a 10.91% increase from $378K in October 2023. The year-to-date average sale price stands at $407K, up by 7.83% from the previous year. These figures highlight the increasing property values, providing lucrative opportunities for sellers and a sign of a strengthening market for buyers.
The ask to sell ratio, a critical metric measuring the difference between the listing price and the final sale price, shows a marginal improvement, indicating that properties are selling closer to their asking prices, a sign of a seller’s market.
Edmonton Real Estate Market -Average Days
How quickly a property sells is a crucial metric in gauging market health. In 2024, Edmonton has seen a favourable shift in days on market and ask-to-sell ratios:
The efficiency of the market has improved as properties are spending less time on the market. The average days on market until sale has decreased by 20.29%, dropping from 74 days in 2023 to 55 days in 2024. This faster turnover reflects a market where demand meets supply efficiently, benefiting sellers with quicker sales and buyers with a variety of choices.
The Edmonton real estate market in 2024 illustrates a healthy and vibrant environment, marked by a significant increase in property sales, rising prices, and efficient market transactions. These trends not only benefit current homeowners but also provide promising opportunities for potential buyers and investors.
As the market continues to evolve, staying informed with the latest data and trends will be crucial for anyone looking to engage with the Edmonton real estate market, ensuring strategic decision-making and successful investments.
Data provided by the REALTORS® Association of Edmonton and subject to change. Always consult with a real estate professional for the most current market information.
Looking to buy or sell in Edmonton? CONTACT CHRIS REID
