Welcome to your latest Edmonton housing market update for September 2024! As always, we’re here to provide you with the most current information on sales trends, prices, and inventory changes in the Greater Edmonton Area. Whether you’re looking to buy or sell, staying informed on market trends is key to making the right real estate decisions. So, let’s dive into the numbers.
Sales Trends – Comparing August to September 2024
In September, the market showed a bit of a slowdown in terms of total sales. We saw 2,256 residential unit sales, a 12.6% decrease from August, but it’s important to note that sales were still 10% higher than the same time last year in September 2023. This is a promising sign that the market remains strong despite month-to-month fluctuations.
New Listings and Inventory Levels
New listings totaled 3,215, representing a 4.6% drop from August, but it’s still a 6.4% increase compared to September 2023. This year-over-year increase indicates that sellers continue to feel confident about listing their homes, which gives buyers more options to choose from.
In terms of inventory, there was a slight decline. Inventory dropped 1.7% month-over-month and was 12.1% lower than last year. With fewer homes available, it’s clear that demand remains robust, which is keeping pressure on prices to stay competitive.
Sales by Property Type
Let’s take a closer look at how different types of properties performed:
- Detached homes: Sales fell 11.1% from August, with 1,299 units sold, but the good news is that sales were up 8.2% year-over-year compared to September 2023.
- Semi-detached homes and Row/Townhouses: These properties experienced larger month-over-month declines, with semi-detached homes dropping 15.8% and row/townhouses falling 15.4%. However, both segments showed strong annual growth, with semi-detached homes up 12.9% and row/townhouses jumping an impressive 25.9% from last year.
- Apartment condos: Sales for apartment condos saw a 12.6% month-over-month decrease, but similar to other property types, they were still 2.2% higher than September 2023.
Prices Hold Steady
While sales numbers were down from August, the strength of the market was reflected in prices:
- The average residential price in the Greater Edmonton Area was $440,366, showing a 1.2% increase from last month and an impressive 11.7% year-over-year growth.
- Detached homes averaged $552,684, up 1.3% from August.
- Semi-detached homes averaged $413,252.
- Row/townhouses came in at an average price of $292,875.
- Apartment condos averaged $199,564.
With rising prices and steady demand, it’s clear that the Edmonton real estate market continues to offer solid value for both buyers and sellers.
Days on Market
One final point to note is that homes took slightly longer to sell in September, with an average of 38 days on market, which is 3 days longer than in August. However, when compared to September 2023, homes are still selling 6 days faster than they were a year ago. This suggests that while the market is cooling slightly in terms of sales volume, it’s still moving faster than in previous years.
Conclusion
In summary, the Edmonton housing market remains dynamic as we head into the final quarter of 2024. Despite some month-over-month drops in sales and inventory, annual growth trends continue to show strong demand, especially in segments like row/townhouses and semi-detached homes. Prices are holding steady, and with fewer homes on the market, sellers can still expect competitive offers.
Whether you’re looking to buy, sell, or simply stay informed, the key takeaway from this month’s update is that the Edmonton real estate market is still showing resilience. Be sure to keep an eye on these trends as we move closer to the end of the year.