It’s time for your September 2024 real estate market update for the Greater Edmonton area. Let’s dive right in.
Overall Market Overview
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Total Residential Sales: 2591 sales were recorded this month. That’s a significant 15.9% increase compared to last year, though slightly down from July's numbers. This dip is typical as July often sees higher sales, but the year-over-year increase remains impressive.
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Average Sale Price: Residential sale prices have risen by 9.1% year-over-year. This growth rate is robust and aligns well with market expectations.
Single-Family Homes
- Sales: There were 1468 single-family home sales this month, marking a 12.5% increase from last year.
- Average Sale Price: The average price for single-family homes is now $546,101, which represents a 10.2% increase year-over-year. These are very healthy numbers and reflect a strong single-family market.
Condos
- Sales: Condo sales totaled 423 this month, a notable 22% increase from the previous year.
- Average Sale Price: The average price of condos is up by 5.1%. While this is a positive sign, it would be preferable to see higher increases. The condo market is still catching up, particularly in the mid-range segment, though lower and higher-end condos are performing well. As single-family home prices rise, more buyers might turn to condos, potentially boosting this segment further.
Duplex and Row Housing
- Sales: There were 409 sales, reflecting a 19.2% year-over-year increase.
- Average Sale Price: The average price for duplexes and row houses is $290,569, which is up 14.7%. Expect this trend to continue as demand remains strong.
Rural Market
- Average Sale Price: Rural property prices have increased from $540,000 to over $600,000, marking a 9.1% rise. This trend is consistent with overall market increases.
Recreational Market
- The recreational market is currently lagging behind. However, as the broader market continues to strengthen and more disposable income becomes available, we anticipate improvements in this sector next year.
Conclusion
Overall, the Edmonton real estate market is showing very healthy signs of growth. With positive trends across various segments and robust year-over-year increases, the outlook remains optimistic. We expect these trends to continue through the year and likely for several years to come.
That’s all for this month’s update. Stay tuned for next month’s insights, and as always, feel free to reach out with any questions or if you’re looking to make a move in this vibrant market!
See you next month!