Hello everyone,
It’s November, and the October stats are in for the greater Edmonton area, and once again, we’re seeing a very busy market. That’s been the trend throughout 2024, and October continued that momentum. Let’s dive into the details!
Residential Sales: Up 38.5% Year-Over-Year
In total, we saw 2,489 residential sales in the greater Edmonton area, which represents a huge 38.5% increase compared to October of last year. That’s a significant jump, reflecting a healthy demand in the market.
While there were more listings this October compared to last year (up by 9.2%), the gap between sales and listings is keeping inventory levels low. As a result, we’re back down to just two months of inventory, which is a clear indication that we’re still in a strong seller’s market. This has been a consistent theme this year, and it looks like it will continue into the winter.
Market Conditions: A Busy Fall
Typically, we see a slowdown in sales as we approach the holiday season, but this year is different. Despite the cooler weather and the usual dip in listings, sales have remained strong. This suggests we might see continued activity throughout the winter, leading us into a potentially busy spring market. So, if you're thinking of buying or selling in the next few months, it's shaping up to be an active time.
Average Sale Price: Solid Increases Across the Board
Let’s talk prices. The total residential average sale price, which includes everything from condos to rural homes, has now reached just over $440,000, marking an 11.1% increase compared to last year. This is a healthy rise, reflecting the sustained demand in the market.
When we break it down by category:
-
Single-family homes: Sales are up by 37.2%, and the average sale price is now just under $553,000 — a 13.6% increase from last year. These are solid numbers that reflect continued growth in the market.
-
Condos: There were 418 sales, a 43.6% increase year-over-year, which is fantastic. However, the average sale price for condos has seen a slight dip, down 6% to $191,413. This likely reflects the types of units that are selling this month. Despite this, we expect the overall average condo price for the year to show an increase.
-
Duplex and rural properties: The market for duplexes and rural homes is still very healthy. There were 367 sales, a 38% increase, with an average sale price up by 19%, reaching around $308,000.
-
Acreages: Although we don’t have specific stats for acreage sales, early indications suggest a 17% increase in sales, with a 14% rise in average sale prices. Acreages were selling for just under $495,000 last year, and this year, the average price is closer to $567,000.
Luxury Market: Big Growth
The most striking change has been in the luxury market. Homes over $1 million have seen a 60% increase in sales year-over-year. This represents a significant jump from just over 300 sales last year to nearly 500 this year. This surge in luxury home sales is driving up the overall average price in the region, which is something to keep in mind when looking at broader market trends. Even with this spike in higher-end sales, home values in general are still well over 10% higher than they were last year.
In Summary: A Strong, Healthy Market
So, to sum up: October 2024 showed us a strong real estate market across all categories, from single-family homes to luxury properties. Despite a slight dip in condo prices, most sectors are seeing healthy increases in both sales and prices. The market remains active, inventory is low, and if you're thinking of making a move, now could still be a great time — whether you're buying or selling.
I’ll be back next month with another update, but in the meantime, have a great November!