March 2024 Greater Edmonton Area Market Update

What a month February has been! It has seemed like the last few weeks everywhere I am seeing sold signs popping up, and homes being bid up in multiple offers in the Edmonton area, even on some properties I didn't expect.

One of my biggest concerns last month to ensure our market grew at a stable pace was increasing the number of listings coming to market. As we seen last month the demand was here, but listings hadn't quite made the comeback - good news they have. In February we seen nearly a 28% increase in new listings come to market which was over 9% higher than last year! Sales kept on rising posting a 52% increase from last months highs, however outpaced by listings we were able to sustain a 1.6% increase in the inventory on the market.

With continued increasing sales we also seen a moderate price boost in everything but the semi-detached homes (needing a slight recovery from last month's nearly 10% increase) where the pricing grew by 2.1% to complete a 12% median price growth from this time last year. With increased sales we continued to see the active days on market fall by nearly a week and a half down to 50 days. Both of these trends would be expected with seasonal changes.

The up and coming riser for Spring 2024 seems to be the townhomes. With over a 7% increase this month and up 14.7% since last year, and trending with the second lowest days on the market, I am certainly going to keep an eye on this sector as the median price point is still below $300,000.

So, how does this impact buyers and sellers moving into March? Buyers, speed to offer will certainly be important. Several times I have seen clients end up in multiple offers in the past month within hours of a listing going live. One of the competitive ways to win other than price has been reducing the condition timeline to reduce the risk to the seller, if they accept your offer and it falls apart. For the sellers listing this month, even though we have seen some price gains, don't get greedy, over pricing a home above where the market is at can actually cause it to sit longer or reduce the number of offers generated from the listing.



Nathan Lorenz
Real Broker
825.461.5091
lorenzgroup.ca