November 2024 Edmonton Area Real Estate Market Update

What a roller coaster this fall has been in the real estate market. Just as things started to slow down for the fall/winter season, we were delivered a massive rate cut as the government grapples with the economy. So, did it actually make a difference?

Up until October, the recent downward shifts in the interest rate environment have had minimal effect on us in Edmonton. We had a busy spring, followed by an elevated summer and then some return to a slower period in August & September. However, it isn't every year that we see sizeable upticks in the market come October like we saw this year, with 10.5% more homes selling in October compared to September, which is up a whopping 38.5% from October 2023! 

This uptick, in combination with 6% fewer homes coming to market, the amount of active homes available falling by over 10%, resulted in an interesting situation with prices remaining flat in October. Detached and semi-detached homes remained unchanged. Apartment condos fell by 4.7%, however, townhomes took another rise up with a 7.6% increase in median prices in just one month, putting its year-over-year record to 23.3% from October 2023. 

October still isn't anywhere near the height of the market March-May of this year, but there was most certainly a noticeable uptick in sales right after the rate drops were announced. Where could this trend go from here? October may have been a blip in the market; however, if this continues into November without a substantial decrease in activity, we may see an elevated winter market before seeing spring pick up again, which will likely put us in a position for a busy spring come 2025, especially if the rumoured interest rates continue to fall. 

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