Hello, everyone! As we step into October 2024, it’s time to dive into the real estate stats for September in the Greater Edmonton area. While month-over-month numbers show a slight decline—a typical seasonal trend as everyone settles back into work—the year-over-year statistics reveal a much more promising picture.
Year-Over-Year Overview
Residential Properties Sold
In September, a total of 2,256 residential properties were sold, reflecting a 10% increase compared to last year. This growth indicates a robust market, particularly after the seasonal slowdown in the first two weeks of September.
New Listings
New residential listings also saw a positive trend, with a total of 3,215 new listings, marking a 6.4% increase year-over-year. This influx of new properties is crucial for balancing supply and demand in the market.
Average Sale Price
The average residential sale price reached $440,366, which is up 11.7% compared to September last year. This healthy increase suggests that the market remains strong and resilient.
Breakdown by Property Type
Single-Family Homes
- Sales: Approximately 1,300, up 8.2% from last year.
- Average Sale Price: $552,684, an increase of 11.9% year-over-year. As always, single-family homes continue to lead the market.
Condominiums
- Sales: Year-over-year, condo sales are up 2.2%, but there was a slowdown in September compared to previous months.
- Average Sale Price: Still showing a healthy increase of 9.6%, just shy of $200,000.
Duplexes and Row Houses
- Sales: Increased by 25.9% year-over-year, with 345 sales.
- Average Sale Price: Up 9.6%, now at $292,875. This significant rise highlights a growing interest in these types of properties.
Market Inventory
The total months of inventory is now at 2.5 months, a slight increase from 2.25 months. While this is a healthy number, a bit more inventory (ideally around 3 to 3.5 months) would help stabilize the market, allowing for reasonable growth and more relaxed conditions for buyers. We are already observing fewer multiple offers compared to earlier in the year, indicating a shift towards a more balanced market.
Luxury Market Insights
The luxury segment (properties over $1 million) is particularly noteworthy this month. Sales have surged by 52%, with 439 transactions compared to 329 last year. This growth is largely driven by buyers from Ontario and British Columbia, contributing to an overall increase in sales across various property types.
Conclusion
In summary, September 2024 was a strong month for the Edmonton real estate market, with encouraging year-over-year growth across most sectors. As we move into fall, it looks promising for continued strength and stability in the market.
Stay tuned for more updates and insights next month!