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The Edmonton real estate market has shown notable changes in January 2024, with various housing indicators reflecting the current state of the market. These developments have implications for both home buyers and sellers, and it's essential to understand the dynamics at play.
New Listings and Sales Overview
In January 2024, the total number of homes listed for sale in Edmonton was 1629, marking a substantial 50.4% increase from the previous month. Concurrently, the total number of homes sold in the same period was 1072, reflecting a notable 27% month-over-month increase and a substantial 52.7% year-over-year change.
Average Sold Prices
The average price of a single-family detached home in Edmonton for January 2024 was $476,172.7, representing a modest -1.2% change from the previous month and a significant 6.5% increase year-over-year. Similarly, the average price of a half-duplex in Edmonton was $381,794.6, showing a 2.6% month-over-month and a 5.7% year-over-year change.
The median price of a single-family detached home was $445,000, reflecting a 1.1% month-over-month and a 6.5% year-over-year change.
Housing Market Outlook
The housing market outlook for Edmonton presents an interesting dynamic, with varying price movements across different property types. The median price of a single-family detached home was $445,000, reflecting a 1.1% month-over-month and a 6.5% year-over-year change.
In contrast, the median price of a half-duplex showed a more substantial increase, reaching $399,900, which is a 9.6% month-over-month and a remarkable 14.3% year-over-year change.
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Sales-to-Active Listings Ratio
The sales-to-active listings ratio for Edmonton in January 2024 was 0.66, indicating a competitive market environment. This ratio is an important indicator of market conditions, with values above 0.6 generally signifying a seller's market.
Regional Insights
For those interested in specific Edmonton neighborhoods, the North West Edmonton Homes for Sale and North East Edmonton Homes for Sale collections offer valuable insights into the real estate landscape of these vibrant communities.
Similarly, the South East Edmonton MLS Listings and South West Edmonton MLS Listings provide detailed information about the unique charm of distinct neighborhoods in these regions.
Mortgage Rates and Market Conditions
In addition to housing prices, mortgage rates play a crucial role in shaping the real estate landscape. Keeping an eye on mortgage rate trends can help potential buyers make informed decisions about their home purchase.
Furthermore, understanding the sales-to-inventory ratio and sales-to-new-listings ratio provides valuable insights into the current state of the market and whether it favors buyers or sellers.
Conclusion
In conclusion, the Edmonton real estate market in January 2024 has exhibited notable changes in new listings, sales, and average prices across different property types. The sales-to-active listings ratio indicates a competitive market environment, with implications for both buyers and sellers. By staying informed about these market dynamics and regional trends, home buyers and sellers can make well-informed decisions to navigate the evolving real estate landscape.
For more detailed information about specific property types and neighborhoods, you can explore the various collections on HomeAnalytic.ca to gain valuable insights and make informed real estate decisions.
By incorporating the provided collections and relevant links throughout the article, readers can seamlessly access additional information about specific neighborhoods and property types, enhancing their overall browsing experience and understanding of the Edmonton real estate market.If you need any further assistance or have additional questions about the Edmonton real estate market, feel free to reach out to our knowledgeable real estate agents for personalized guidance and support.
Disclaimer: Data sourced from the MLS. The analysis focused on the last five years of sold data in Edmonton Alberta. The information provided in this blog is ‘as is’ with no guarantee of accuracy or completeness.