Happy New Year, everyone! I hope you all had a fantastic holiday season. As we kick off 2025, it’s time to take a look at the real estate market stats for December 2024 in Greater Edmonton. Please note that these stats are specifically for December, and I’ll be comparing them to December 2023 for a year-over-year snapshot. I’ll also have a separate post coming up soon to review the full year of 2024, so stay tuned for that!
With that said, let’s dive into the December stats:
Sales Activity
December 2024 saw 1428 sales, marking an increase of 17% compared to December 2023. This is an encouraging number and one of the strongest Decembers we’ve had in recent years. It shows that there was a lot of momentum as we entered the new year, which bodes well for the first quarter of 2025.
New Listings
However, the number of new listings for December was down by 7.3% compared to the previous year. This reduction in new listings has contributed to a tighter market, and we continue to see low inventory levels, which is putting pressure on available properties.
Months of Inventory
The months of inventory (a key indicator of supply vs. demand) is currently at 2.44 months, which is slightly up from the previous month. A balanced market typically has around 5 months of inventory, so with just over two months of inventory, the market remains very much in favor of sellers. This means that competition among buyers is still high, with multiple offers continuing to be a common occurrence.
Home Prices
As expected, the limited supply and strong demand are pushing prices up. The average residential sale price in December 2024 was $435,549, reflecting a 12.2% increase from December 2023. This is a significant jump and indicates that prices are continuing their upward trend.
Breaking it down further:
- Single Family Homes: We saw 826 single-family home sales, which was an 18.8% increase year-over-year. The average price for a single-family home rose by 10.6% to just over $540,000.
- Condos: The average condo price was $203,920, showing an impressive 19.8% increase from the previous year.
- Duplex and Row Housing: These types of properties also saw strong gains, with prices up by 12% year-over-year, averaging $292,640.
Looking Ahead: 2025 Outlook
As we head into 2025, there’s a lot of momentum carrying forward from the end of 2024. There continues to be strong out-of-province investment in Edmonton’s real estate market. While we’ve seen many people moving here over the past couple of years, the trend is shifting slightly toward more investors from outside the province eyeing Edmonton as one of North America’s hottest real estate markets.
While this can be a bit frustrating for buyers, there are ways to navigate the current competitive landscape. One of the exciting developments is the growing popularity of the Final Offer Platform, which has been helping alleviate some of the stress buyers face when competing in multiple-offer situations. This new tool is making the process easier for buyers and providing more transparency in the bidding process.
Conclusion
The Greater Edmonton real estate market is off to a strong start in 2025, with momentum from December continuing into the new year. Prices are on the rise, and competition is high, making it a challenging environment for buyers, but with the right strategies and tools, opportunities still exist.
Stay tuned for our upcoming post where we’ll dive deeper into the full year’s market review and the economic forecasts for 2025. If you have any questions or feedback about this update, feel free to reach out. We’re here to help and would love to hear your thoughts!
Wishing you all the best in 2025 – it’s an exciting time in the Edmonton real estate market!
Greater Edmonton and Area Market Update - December 2024