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The Edmonton real estate market continued its upward trend in February 2024, with increased sales and stable prices across most property types. Here's a closer look at the key metrics:
Total Listings and Sales:
There were 2,032 homes listed for sale in Edmonton in February, representing a 24.7% increase from the previous month.
1,433 homes were sold in February, reflecting a 33.7% increase month-over-month and a 55.1% increase year-over-year.
Price Trends:
The average price of a single-family detached home increased by 3.8% month-over-month to $494,469.9 and by 9.3% year-over-year. The median price also saw a 3.4% monthly increase and a 9.4% annual increase, reaching $460,000.
The average price of a half-duplex rose by 5.5% month-over-month to $402,774.8 and by 10.3% year-over-year. The median price remained relatively unchanged compared to the previous month, sitting at $400,000, but showed an 8.4% increase year-over-year.
The condominium market saw a slight decline in average and median prices compared to January 2024. The average price dropped by 6% to $175,300.7, while the median price increased by 3.1% to $165,000. Year-over-year, the average price decreased by 4.2%, and the median price experienced a 2.9% decline.
The townhouse market exhibited strong growth, with the average price increasing by 7.7% month-over-month to $255,479.5 and by 17% year-over-year. The median price also saw significant growth, rising by 9.9% monthly and 28.3% annually, reaching $266,000.
Market Analysis:
The increase in new listings suggests growing seller confidence, while the strong sales figures indicate continued buyer demand. This trend is particularly evident in the single-family detached home and townhouse markets, which are experiencing stable prices alongside rising sales.
Sales-to-New-Listing Ratio and Days on Market
The Edmonton real estate market continues to show signs of activity with increased listings being absorbed by the market at a steady rate, as evidenced by the sales-to-new-listings ratio (SNLR) of 0.71, which indicates a seller's market. Additionally, understanding the average days on market (DOM) provides valuable insights into the pace of property sales. In February 2023:
Detached single-family homes spent 82 days on the market.
Half-duplexes properties had an average DOM of 58 days.
Condominiums/apartments remained on the market for 87 days on average.
Townhomes boasted a relatively low DOM of 48 days.
Residential attached properties spent 83 days on the market before being sold.
Looking Ahead:
As we move into spring, traditionally a busier season in the real estate market, it will be interesting to see how inventory levels and prices are affected by the influx of new listings and increased buyer activity.
Conclusion
The real estate market in Edmonton continues to exhibit resilience and growth, with increased sales activity across various property types. As we navigate through 2023, staying updated on market trends and leveraging professional guidance can empower both buyers and sellers to make informed decisions.
Ready to Explore Your Options?
Whether you're a first-time home buyer, a seasoned investor, or looking to buy or sell a property, the Edmonton real estate market offers a variety of opportunities.
Whether you're exploring the diverse neighborhoods of Northwest Edmonton, Northeast Edmonton, Southeast Edmonton, or Southwest Edmonton, Home Analytic is here to assist you every step of the way. For a more personalized exploration, feel free to utilize our convenient map search tool and stay updated with the latest market insights on our Edmonton Real Estate page. Happy house hunting!
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.