October 2024 Edmonton Area Real Estate Market Update

Folks, it’s fall season again, and another busy month is in the books. For some reason, September flew by and felt very much like an April market. Let’s take a look at how the month played out.

Edmonton has started to return to a more predictable market where the annual ebbs and flows follow seasonal trends, and September seems to be no exception. Even though I saw a major uptick after the Labor Day long weekend, September gradually moved towards a fall slump. There wasn’t a significant increase in new listings or sales, both of which are down, with sales experiencing an almost 13% pullback from an already slowing August. While 2024 is still ahead compared to last year, the earlier chaos from this year is beginning to settle down. 

With fewer homes selling, properties are also taking a bit longer to move off the market. The average time to sell is now 38 days, with the quickest being semi-detached homes, which sell in as little as 30 days. In all cases, homes are selling much faster than they were last year, but on average, it’s taking 8 days longer (a 26% increase) compared to June. Available inventory remains relatively steady, though there are fewer options than last month. However, with fewer sales, the market is trending more toward a balanced market than earlier in the year. 

Home prices also began to stabilize last month, except for detached homes, which saw another monthly gain of 2%. Home prices are up between 7.5% and 16.3%, depending on the category. Earlier in the year, row/townhomes were leading with the highest growth, but that momentum has slowed, with row/townhomes now showing only a 7.5% increase over the last 12 months. In contrast, apartment condominiums have seen impressive growth, up 12.8%, placing them second only to semi-detached homes. 

This flattening of the Edmonton market comes amid three consecutive rate decreases, with rumors of more to come later this year and into 2025, indicating that the bank rate has yet to significantly impact the Edmonton market. That could change in the New Year, but for now, we’ll have to wait and see how the fall and winter markets play out, as they are expected to follow seasonal patterns with a potential slowdown in the coming months. The next interest rate announcement is set for October 25. 

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