Edmonton Real Estate Market Update – October 2024

The Greater Edmonton Area saw a strong October for residential real estate, with 2,489 sales — a 10.5% increase from September and a 38.5% jump from last year. Inventory is tightening, with new listings down 8.7% from the previous month and overall inventory down 17.4% year-over-year.

Residential Unit Sales Breakdown

• Detached Homes: 1,431 sales in October, up 10.2% from September and 37.2% higher year-over-year.
• Semi-Detached Homes: Sales rose 11.4% month-over-month and 38.6% over October 2023.
• Row/Townhouses: Sales increased 6.7% compared to September and 38.0% year-over-year.
• Apartment Condominiums: Sales jumped 13.9% from September and 43.6% from last year.

Average Prices

• Overall Residential: Average price across all residential types was $440,089, down 0.1% from September but up 11.1% year-over-year.
• Detached Homes: Averaged $552,954, unchanged from September, and 13.6% higher than October 2023.
• Semi-Detached Homes: Averaged $407,006, down 1.5% month-over-month but up 5.6% year-over-year.
• Row/Townhouses: Averaged $307,854, a 4.9% increase from September and 19.0% higher than last year.
• Apartment Condominiums: Priced at $191,413, down 4.1% from September and 6.0% lower year-over-year.

MLS® Home Price Index (HPI)

The MLS® HPI composite benchmark price in the GEA was $403,500 for October, a slight decrease of 0.7% from September but up 7.7% from last year, showing steady appreciation.

Days on Market

• Detached Homes: Averaged 38 days, up two days from September.
• Semi-Detached Homes: Averaged 29 days, one day faster than last month.
• Row/Townhouses: Steady at 35 days on market.
• Apartment Condominiums: Averaged 45 days, down by three days.
• Overall: Residential listings averaged 37 days on the market, unchanged month-over-month but nine days shorter compared to October 2023.

Park Realty’s Insights

“It’s exciting to see how the market in Edmonton is responding to recent interest rate changes,” says Ken, Owner/Realtor at Park Realty.  “October’s numbers really highlight how confident buyers are, and it’s rewarding to help clients make the most of this momentum.”