Welcome to the Platinum Team’s latest Edmonton Real Estate Market Update, where we share the most up-to-date insights to help you navigate the local housing market. October 2024 brought us some surprising trends, and as we head into winter, activity is heating up more than ever! Whether you’re buying, selling, or investing, these key highlights will help you stay ahead.
October 2024 Market Highlights:
New Listings: October saw 2,132 new listings, reflecting a 3.7% decrease compared to last month. However, year-to-date, listings have grown by 13.8%, totaling an impressive 24,000 listings so far in 2024.
Sales Activity: Sales remained strong with 1,745 homes sold, a 13.2% increase month-over-month and a significant 35.3% rise year-over-year, bringing the year-to-date total to 17,000 sales.
Inventory: The current inventory stands at 3,765 active listings, which continues to keep the market competitive.
Selling Prices
Detached Homes: The average price climbed to $549,000, a 2.0% month-over-month increase and a 15.3% rise year-over-year, with a median price of $497,000.
Apartment Condos: Average price was $188,000, down 3.7% month-over-month, with a median price of $181,000.
Days on Market
Detached Homes: Averaged 38 days, down from 41 days last year, indicating quicker sales for well-priced properties.
Apartment Condos: Averaged 45 days, a significant improvement from 63 days this time last year.
As we approach the winter months, buyer confidence is strong, and the market continues to move at a brisk pace. Whether you're looking to upsize, downsize, or simply get a better understanding of your local neighborhood, now is the time to plan your next move.
Have Questions? Let’s Chat!
Allison McDougall: 780-887-7093 / allison@platinumteam.ca
Kris Trajano: 780-232-2224 / kris@platinumteam.ca
Shane Parent: 780-271-7709 / shane@platinumteam.ca
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Chapters:
0:00 Introduction
0:29 Market Overview
1:11 Single Family Homes
2:07 Condo Market
2:58 Highs & Lows: Single Family
4:04 Highs & Lows: Condos
5:42 Closing Remarks
#EdmontonRealEstate #EdmontonMarketUpdate #YEGHomes #REMAXPlatinumTeam #HousingTrends #YEGCondos #edmontonhomesforsale
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