Edmonton Real Estate Market Update – November 2024

The Greater Edmonton Area saw a shift in the real estate market this November, as residential unit sales decreased by 22.8% compared to October, totaling 1,920 sales. However, compared to November 2023, the market remained strong, with an 18.4% increase in sales. Inventory continues to tighten, with new listings dropping by 27.9% from October, though still up 1.4% from last year.

Residential Unit Sales Breakdown

• Detached Homes: Sales were down by 20.5% from October, totaling 1,138 units, but still 23.6% higher than November 2023.
• Semi-Detached Homes: Saw a 27.8% decrease from October, but 18.0% higher year-over-year.
• Row/Townhouses: Sales dropped 23.2% from October, but remained 18.0% higher than November 2023.
• Apartment Condominiums: These sales slowed by 27.3% compared to October, but were still 3.1% higher than November 2023.

Average Prices

• The overall residential average price was $436,401, a 0.9% decrease from October, but 14.7% higher than the same time last year.
• Detached Homes: Averaged $540,320, down 2.3% from October, but up 12.8% compared to November 2023.
• Semi-Detached Homes: Averaged $411,469, a slight 1.1% increase from October and 13.3% higher year-over-year.
• Row/Townhouses: Averaged $288,176, a 6.4% decrease from October but still 6.0% higher than last November.
• Apartment Condominiums: Increased by 4.5% from October, averaging $200,266, a 17.0% increase from last year.

MLS® Home Price Index (HPI)

• The composite benchmark price in the GEA was $402,100, a slight 0.3% decrease from October but still 7.9%higher than November 2023.

Days on Market

• Detached Homes: Increased to an average of 41 days, up 3 days from October.
• Semi-Detached Homes: Took 32 days on average, up 3 days from the previous month.
• Row/Townhouses: Took an average of 37 days, up 2 days from October.
• Apartment Condominiums: Averaged 48 days, an increase of 3 days.

Park Realty’s Insights

“The market has taken its usual November dip as we head into the holidays,” says Matt, Owner/Realtor at Park Realty. “However, the strong year-over-year increases reflect an ongoing positive outlook. As we approach the end of 2024, it’s a great time to start planning for the busy spring market in 2025.”

Looking Ahead to 2025

As we close out 2024, it’s clear that Sherwood Park and Edmonton’s real estate markets remain resilient, despite the winter slowdown. With inventory tightening and home values still showing appreciation year-over-year, we anticipate an active spring market in 2025. Whether you’re looking to buy or sell, now is a great time to make your move.