Edmonton Real Estate Update: A Hot January 2024

Are you curious about the Edmonton Real Estate Market? Then you are going to want to read this blog and watch the video below as I will be sharing the latest real estate market update from January 2024. PLUS I will be highlighting some trends that could put you ahead of the curve both as a buyer and a seller.

The Greater Edmonton real estate market is off to a very good start in January 2024 with strong sales and prices, especially compared to last year. Watch this video to learn: 

– How the Greater Edmonton real estate market did in January 2024
– What the market is in need of
– The hottest price range
– Where the hidden opportunities are

Greater Edmonton Real Estate Market Overview

From a high level perspective, the Greater Edmonton area Real Estate Market is off to a good start for the year. The total residential unit sales was at 1,439 – which was an increase of 17.5% from December 2023 and a whopping 46.8% higher than January 2023.

Detached homes unit sales were up 25% from December 2023 and up 51% from the previous year. Semi-detached homes held steady at just 0.7% higher month over month but had an increase of 41% compared to January 2023. And maybe most surprisingly, Apartment condominiums unit sales increased 16.9% from the previous month and 50% from January 2023!

These numbers show a significant increase, but what does that really tell us? As we usually don’t see this kind of activity until later in the spring market, it tells us that we have a high demand for homes in the Greater Edmonton area. And most importantly, serious buyers are coming out of the woodwork early this year, and they are not messing around!

Greater Edmonton Average Price

Average home selling price in Greater Edmonton

Total residential average sold prices came in at $398,724, a 2.5% increase from December 2023 and 7.6% increase from January 2023. Detached, semi-detached, row/townhouses and apartment condos all saw an increase year over year between 1.1% – 8.6%.

This tells us that the demand we have seen in Edmonton and surrounding areas is continually happening, which can drive prices up especially if the inventory isn’t quite keeping up with the increased demand.

Inventory

And that brings me to the inventory levels of the Greater Edmonton Area. What does inventory mean? It is actually two-fold, firstly we look at how many listings were for sale in a specific month. In January 2024 we had 4540 total residential units for sale, this was a decrease of 1.9% from December 2023 and a 12.1% decrease from January 2023.

Based on the January numbers our inventory level in the Greater Edmonton area is 3.15 months – which is a great reflection of why our prices have increased. 

Greater Edmonton Housing Inventory January 2024

Average Days on Market

With the lower inventory on the market you may wonder how long it is taking for homes to sell. In January 2024 it took an average of 59 days on market to sell a residential property, which was a 7 day increase from both December 2023 and January 2023.

Now wait a minute, you may be thinking – if the inventory is low and prices have increased, why is it taking longer to sell a home? Well, it shows that sellers can’t just throw up a property on the market and hope for the best. A property needs to show well but most importantly, be priced well to sell – yes, there are lots of buyers out there, but they aren’t just jumping at every opportunity like we saw in 2021 and 2022 and sellers need to keep this in mind.

January Interest Rates

January 2024 Interest Rates

So if you are in the market to buy real estate in the Greater Edmonton area, then you will be happy to know that interest rates have come down slightly and are currently ranging between 4.84% to 5.09% for insured mortgage rates. 

These will look different if you are looking at a variable rate or conventional financing, so always check in with your preferred mortgage specialist for the most up to date rates.

Greater Edmonton Real Estate Market Trends

In conclusion, the Greater Edmonton real estate market is off to a very good start with strong sales and prices especially compared to last year. However, we also are seeing very low inventory which is very typical for this time of year. BUT it is extraordinarily low, and we need more listings to keep up with this very real demand. This could be an indication that the spring market is going to take off very early this year, but we will know more at the end of February.

Now these stats are very macro level, and certain areas of Edmonton and the surrounding areas are definitely hotter than others – and so are certain price ranges. Anything that shows well and is within the $300,000 – $450,000 range seems to be moving quickly – especially in the surrounding areas like Spruce Grove & Stony Plain – a little side note, these areas tend to offer more value for your money, so now could be a good time to explore the opportunities in these areas.

Woman on the phone

So, what is next?

Now keep in mind that whether you are buying or selling, your real estate needs are individual, and a general market update might not give you the full picture. If you want a more specific market analysis of your home or neighbourhood or you are thinking or buying and want to know where the hidden gems are in the Edmonton area, then I am happy to provide you with a no-obligation market evaluation or a no pressure buyer consult to explore your options.

If you think that would be helpful then click here to contact me, otherwise come back next month for my February 2024 Greater Edmonton real estate market update!

*All stats are based of the monthly market updates from the REALTORS® Association of Edmonton.

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