December 2024 Edmonton Area Real Estate Market Update

The countdown to Christmas and the holiday season is on for many people. Now, after a surprising turnaround in October, how has the market responded as we dive into winter and the snow across the city?

November started to trend back into its winter hibernation for the next couple of months as we saw a slowdown across the market. Homes are taking longer to sell, and the ones to eventually sell end up going for prices lower than homeowners were initially hoping for. For this time of year, this isn’t a surprise in our market.

The average home is taking just over 40 days to sell, which is up about 40% from the peak of the market earlier this year. Home prices dipped about 1% from October, and new listings and sales were down by 23% and 26%, respectively. However, looking back across the last 12 months, we do show what a strong market we have seen with home prices up nearly 14%, with the high riser going to apartment condos at just over a 19% increase from November 2023, which I never would have expected if you had asked me last year.

Amid all of the typical seasonal slowdowns this time of year, the amount of inventory and homes for sale remains quite low, with just over 2 months of supply available at any given time, which has kept things feeling like a seller’s market even though the overall demand has slowed across the market. I expect things to keep steady over the next 4-6 weeks into January before starting to get a pulse on the 2025 market, which I am told by people much more qualified in macroeconomics that Edmonton should be tied for 1st place across Canada in home price appreciation, which is only a result of the continued demand on this city.

If you want to know how to take advantage of selling in this market, reach out to me for a free home evaluation, and I am happy to walk you through selling in this current market. https://lorenzgroup.ca/evaluation

If you want to know how to best position yourself in this buying market, reach out for a free buying consultation and I am happy to come up with a game plan for you this year. https://lorenzgroup.ca/contact