Hey there, Edmonton home enthusiasts! If you’re curious about what’s happening in our local real estate market, you’re in the right place. We’ve got all the numbers you need to know about November 2024, and spoiler alert: things are shifting as we head into winter ❄️. Let’s dive in!
Residential Sales Overview 📊
In November 2024, there were 1,920 residential unit sales in the Greater Edmonton Area (GEA), marking a 22.8% decrease compared to October 2024. But don’t let that percentage scare you away – it’s actually 18.4% higher than the same time last year! So, while the market cooled a bit from October, we’re still seeing growth compared to last November. 🌱
There were 2,114 new residential listings last month, which is down 27.9% from October, but up 1.4% from November 2023. The overall inventory in the GEA dropped by 12.1% month-over-month and 17.3% year-over-year, signaling a bit of a tightening in available properties.
Breaking Down the Property Types 🏠
Let’s take a closer look at the different property types and how they fared in November:
- Detached Homes: There were 1,138 detached home sales, which is a 20.5% drop from October, but an impressive 23.6% increase compared to last year. Detached homes are definitely holding their own in this market!
- Semi-Detached Homes: Sales dropped by 27.8% compared to the previous month, though they’re still 18.0% higher than November 2023.
- Row/Townhouses: These saw a 23.2% decrease from October, but still recorded 18.0% more sales than last November. So, while the market for townhouses has slowed a bit, it’s still stronger than it was a year ago!
- Apartment Condominiums: While apartment sales slowed down 27.3% from October, they’re still 3.1% higher than last year. It’s clear that condos continue to hold their own in the GEA, even with a seasonal dip.
Prices: A Mixed Bag 💲
As for pricing, here’s how things are shaking out:
- Residential Average Price: The average price for a residential property in the GEA was $436,401 in November, which is down 0.9% from October but still up 14.7% compared to last year. 💸
- Detached Homes: The average price for detached homes dropped 2.3% from October, coming in at $540,320, but it’s still a 12.8% increase compared to November 2023. The demand for detached homes is clearly strong!
- Semi-Detached Homes: These properties saw a 1.1% increase in price, bringing the average to $411,469, which is a 13.3% rise year-over-year.
- Row/Townhouses: Prices dipped by 6.4% from October but were still up 6.0% compared to November 2023. The average selling price was $288,176.
- Apartment Condominiums: Condos saw an increase of 4.5% in average price, with an average of $200,266, marking a 17.0% increase from the previous year. 🏢
Days on Market ⏳
Now, let’s talk about how long properties are staying on the market:
- Detached Homes: These properties averaged 41 days on the market, which is three days longer than October.
- Semi-Detached Homes: These took an average of 32 days, also three days longer than last month.
- Row/Townhouses: These stayed on the market for 37 days, which is two days longer than October.
- Apartment Condominiums: Condos took 48 days on average, three days longer than October.
Overall, all residential listings averaged 41 days on the market, a four-day increase from October, but still a five-day decrease from November 2023. 🕒
What’s Next? 🤔
So, what’s the takeaway here? The market is definitely cooling down as we head into the holiday season, with fewer listings and sales, but prices are still showing some impressive gains compared to last year. It’s a bit of a “wait and see” moment as everyone starts focusing on the festivities 🎄.
That said, 2025 is already looking like it might be a busy spring market 🌸. If you’re thinking about buying or selling, now’s a great time to start making plans! Whether you’re looking to buy your first home, sell your current one, or simply invest in the market, it’s always a smart idea to connect with a REALTOR® to help you navigate these changing times.
Until next time, happy house hunting! 🏡💙
