February 2024 Edmonton Area Market Update

If anyone has been in the market recently they probably have heard the term, "early spring". It seems to be the word on the street, but let's walk through how January was in the Edmonton Area.

 

It seemed like the fireworks barely stopped on January 1st before I started seeing sold signs going up across the city and my phone started ringing with new energy, and it turns out I wasn't the only one. January 2024 seen a 46.8% increase in sales than the same month in 2023, with a slight problem, the amount of new listings fell by 2.3% compared to last year. Seeing more activity from one month to the next like December to January is always expected seasonally, but comparing to one year ago it shows the change in the market.

 

So, how did that affect prices? The median home price in the Edmonton Area rose 7.6% in January from December resulting in 11.4% increase from this time last year, most notably semi-detached rising by 9.6% for this month and still leading annually at a 13.2% increase. Does this mean everything was positive in January? Not quite.

It seems like it has been a common occurrence even in the rising times that apartment condominiums forgot to raise their prices posting a 1.9% loss during this same time and barely hanging on to its now 1.9% rise from this time last year. The days on market also increased by an entire week from this time last month, however still down by a week from this time last year.

 

So, what does this all mean if you are buying or selling this spring? Well, inventory is going to be the favorite word for the next few months. Depending on how many new listings come to market will dictate if prices have a drastic and prolonged increase or a more moderate seasonal increase till mid year. The last 30 days have shown the demand is here, but we are going to need to see the next 30-45 days to see if the inventory will respond to match the demand or not. If you are thinking of selling, we have the demand, especially with continued out of province buyers and new home owners taking advantage of the easing interest rates which are now in the high 4% range. If you are thinking of buying, it isn't too late, there are still some deals in certain areas, but know to be prepared to compete as even the listings I didn't expect in multiple offers, went into multiple offers last month.

 

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 this spring. 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

 

Nathan Lorenz

Real Broker

825.461.5091