Greater Edmonton and Area Real Estate Market Update- November 2023

Posted on: December 18, 2023

Happy December, everyone! In this monthly update, we'll delve into the latest statistics from Edmonton's real estate market.

As you can see the November stats are in an overall it's very positive. Though the sales are down from the month prior, we expect that to happen, we're getting closer to the Christmas season, which is essentially the slowest time of the year. And prices are also down technically as well. The reason being for that is because the sales in low rise condos is still way up. And of course that's driving the average price down but the given value of most homes has not come down. And so that's all positive.

We're sitting at 3.3 months of inventory at the moment, which is technically a seller's market. There is definitely a shortage of inventory in the middle end, your typical $400,000 to $600,000 single family home. And so I suspect that if there was more inventory, there would also be more sales. Again, that's reflective of what I believe we're going to start to see in 2024.

As interest rates are expected to start coming down around May and June we expect them to be coming down as low as 3%, probably around the three and a half to 4%. People are picking up on that and the rest of the country has picked up on how affordable it is in Edmonton and so we're going to start to see more and more investment coming in. So overall I believe 2024 is going to be a very, very positive year and I look forward to giving you the the updates as they come.

Have a great Christmas!

Edmonton and Area Market Update for November 2023

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