Hello, everyone!
Can you believe it? The first quarter of 2024 has already come and gone, and now it's time to delve into the latest stats for April. Unsurprisingly, sales in and around Edmonton are still sizzling, so let's jump right into it.
Total Properties Sold: In April, a staggering 30,128 residential properties were sold, marking an impressive increase of nearly 55% from the same period last year. This surge in sales is significant, especially considering that the total number of new listings also saw a rise, albeit more modestly, with 30,909 new listings, up by 13.7%.
Average Sale Prices: The average residential sale price experienced a healthy year-over-year growth of 5.4%, indicating a robust market. Specifically, single-family homes saw a notable increase of 51.4% in the number of sales, with an average sale price up by 5.8% to just under $530,000. Condos witnessed a remarkable 72.5% surge in sales, with the average sale price edging over $200,000 for the first time, marking a 3.7% increase from last year.
Trends in Condos: Lower-priced condos are leading the charge in terms of sales volume, although the average sale price isn't reflecting substantial growth yet. However, there's a notable uptick in sales for high-rise buildings and more expensive units, indicating a positive trend in the market.
Duplex and Row Houses: Sales of duplexes and row houses saw a healthy increase of 46.4%, with an impressive 12.5% rise in the average sale price year over year, reaching just below $300,000.
Months of Inventory: A key indicator of market direction, the months of inventory continue to decline month over month, reaching a low of 1.75 months. This signifies a robust seller's market, suggesting that prices are likely to remain on an upward trajectory.
Market Dynamics: The real estate market in Edmonton remains vibrant, fueled by ongoing migration from other provinces, particularly Alberta, Ontario, and BC. This influx of newcomers, coupled with local relocations, is contributing to heightened activity in the market.
Looking Ahead: With the current market dynamics in play, we anticipate the trend of robust sales and increasing prices to persist in the coming months. Stay tuned for next month's update as we continue to monitor the exciting developments in the Edmonton real estate market.
Thank you for reading, and until next time!
Greater Edmonton and Area Market Update- April 2024