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The November 2024 Edmonton real estate landscape is continuing to evolve, offering both challenges and opportunities for buyers and sellers alike. The latest data for November 2024 highlights significant growth and shifts that are shaping the market dynamics. Here’s a comprehensive look at the current state of the Edmonton real estate market, backed by the most recent statistics.
Below Graphs Are Interactive.
Edmonton New MLS® Listings
Despite the positive growth in sales and prices, the number of new listings in Edmonton has experienced a slight decline. November 2024 saw 1,600 new listings, marking a 2.14% decrease from the previous year. However, the overall number of listings YTD has grown by 6.27% to 27,000. This indicates that while the market is tight, there is still a reasonable influx of new properties to meet buyer demand.
Average List Price Edmonton Real Estate Market
The average asking price for homes in Edmonton has seen a steady increase, reaching $462,000 in November 2024, which is a 3.35% increase from the previous year.
Home Sales In The Edmonton Real Estate Market
Robust Sales Growth Demonstrates Market Resilience
The number of properties sold in Edmonton saw a significant increase in November 2024, with 1,400 transactions recorded—a 15.88% rise compared to November 2023. This year-to-date (YTD) figures are even more impressive, with 19,300 properties sold, marking a 26.71% increase from the previous year. Such robust growth demonstrates the resilience of the Edmonton real estate market, signalling a strong buyer demand and a healthy economic backdrop.
Edmonton Average Home Sale Price
Average sales prices have climbed to $412,000, reflecting a 13.45% increase compared to November 2023. Over the year, this trend has been consistent, with the YTD average sales price up by 8.25% from last year. These rising prices reflect a growing market and underscore the importance of timely decision-making for potential buyers.
The average ask to sell ratio in November 2024 stood at 0.980, showing a slight improvement of 1.05% over the previous year. This ratio has been steadily increasing, as evidenced by the YTD figure of 0.988, up 1.66% from 2023. This closer gap between asking and selling prices points to a market where buyers are willing to meet seller expectations, leading to quicker sales and less negotiation.
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 in November falling to 61.
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.
Edmonton’s real estate market in November 2024 showcases a dynamic environment where both prices and sales volumes are on the rise. The decrease in days on market and a stable ask to sell ratio indicate a market that is becoming more efficient and competitive. For buyers, the market demands swift decisions and flexibility, while sellers can benefit from the increased willingness of buyers to meet asking prices.
For those looking to enter the Edmonton real estate market, the current trends suggest that now is a time of opportunity. Whether you’re buying or selling, staying informed and working with knowledgeable professionals can help navigate this vibrant market effectively.
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
