Greater Edmonton and Area Market Update- February 2024

Posted on: March 1, 2024

Hey everyone,

This month, I wanted to shake things up a bit with our market update. Instead of the usual data-heavy report, I decided to experiment with visuals to tell the story of February's real estate stats. So, bear with me if the video quality isn't perfect - we're on a learning curve here!

Sales Performance: February was a standout month with nearly 2,000 sales, representing a staggering 52.6% increase from the previous year. Single-family homes stole the spotlight with a remarkable 60.5% surge in sales. The average sale price for single-family homes hit $508,411, marking a significant 10.7% year-over-year increase, the largest jump since 2007.

New Listings: New listings also saw a notable uptick of 99.3%. However, with sales outpacing new listings (up 50% compared to a 10% increase in new listings), we're witnessing intriguing shifts in supply and demand dynamics.

Condo Market: Condo sales followed suit with a 46.7% increase, yet the average sale price dipped by 3.2%. This discrepancy is due to lower-end condos driving down the average sale price. Nevertheless, condos under $300,000 are still experiencing genuine value increases.

Duplexes and Row Houses: Duplexes and row houses are holding steady with a 50% increase in sales and a staggering 99.7% surge in the average sale price, reaching $275,000. Certain segments of the market are undeniably thriving.

Inventory Trends: Inventory levels are trending downward, defying typical seasonal patterns. At 2.44 months, this is the lowest inventory level since 2007, indicating a strong seller's market. If this trend continues, we can anticipate further price increases.

Opportunities for Buyers: Despite the competitive market, opportunities for buyers still exist. Looking ahead, this trend seems poised to continue for the foreseeable future, making it an exciting time in real estate.

This month's presentation was a bit of an experiment, click the link below to watch! I'd love to hear your feedback. Did you find the visuals helpful? Let me know, and we'll see you next month for another update.

Happy house hunting!

Greater Edmonton and Area Market Update- February 2024

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