Merry Christmas and Happy Holidays, everyone! It’s hard to believe that 2024 is almost behind us, and with just a few weeks to go until Christmas, we’re reflecting on what has been an exciting year in real estate. I hope this post feels festive as we near the end of the year. I even tried to set the scene by positioning myself around the Christmas tree—though I’m not sure how well that worked out on camera!
Now, let's dive into the latest market stats for the Greater Edmonton Area. The numbers are in for November, and they show some interesting trends as we move into the holiday season.
November 2024 Stats for Greater Edmonton Area:
- Total Residential Sales: 1,920 sales in November, up 18.4% compared to November 2023.
- New Listings: There were 2,114 new listings, a 1.4% increase from last year. While there’s been a slight increase in listings, inventory levels remain very low, which continues to drive competition in the market.
- Inventory Levels: With only 2.1 months of inventory, homes are selling quickly, and many buyers are facing multiple offer situations.
Price Trends:
- Total Residential Average Sale Price: The average sale price for all residential properties (including condos, single-family homes, and duplexes) reached $436,401, a 15% increase year-over-year.
- Single-Family Homes: Sales of single-family homes were up by 23%, with 1,138 homes sold in November. For context, this is the same number of sales we would have seen in total five years ago during this time. The average price for single-family homes is $540,320, reflecting a 13% increase from last year.
- Condos: Condo sales were up 3.1% with 303 sales, but the big news here is the 17% increase in the average sale price, pushing the average condo price back over $200,000. There’s still room for growth in the condo market, and we’re optimistic about this trend continuing into 2025.
- Duplex and Row Housing: Sales for duplex and row homes were up 18%, totaling 282 sales. The average price for these homes is $288,176, marking a 6% increase from last year. While more modest than other categories, the growth here is still significant, and we anticipate continued demand.
What to Expect in 2025:
Looking ahead, the market is showing positive signs of continued growth. With low inventory and rising prices, the competitive environment is expected to persist into the new year. While this can be challenging for buyers, the overall outlook for 2025 is strong, with all signs pointing to a healthy market. That said, we’ve learned in recent years that unexpected events can change things quickly, so we’ll continue to monitor the market closely.
If you’re one of our clients and were expecting a holiday card or calendar from us, they were sent out before the news of the postal strikes. While we can’t predict exactly when they’ll arrive, we hope they reach you soon! If we don’t connect before the holidays, we want to take this opportunity to wish you a very Merry Christmas and a Happy New Year.
We look forward to working with you in 2025!
Take care, and enjoy the holiday season!