Edmonton Market Report – Jan 2024

Introduction: In January 2024, the Greater Edmonton Area (GEA) real estate market started on a strong note, witnessing significant growth in both residential unit sales and new listings. Here’s a breakdown of the key highlights:

Total Residential Unit Sales:

• Total residential unit sales reached 1,439, marking a notable surge of 17.5% from December 2023 and a substantial 46.8% increase from January 2023.

New Residential Listings:

• New residential listings totaled 2,195, reflecting a 49.3% increase from December 2023, albeit slightly lower by 2.3% compared to January 2023.

Overall Inventory:

• Despite the surge in new listings, the overall inventory in the GEA decreased by 1.9% from December 2023 and 12.1% from January 2023.

Breakdown of Sales Figures:

• Detached unit sales led with 876 transactions, representing a 25.0% increase from the previous month and an impressive 51.0% surge from the previous year.
• Semi-detached unit sales remained relatively steady, with a marginal 0.7% month-over-month increase and a substantial 41.0% year-over-year rise.
• Row/townhouse unit sales experienced a nominal uptick of 0.5% compared to December 2023 and a solid 31.1% increase from the previous year.
• Apartment condominium unit sales exhibited a remarkable year-over-year increase, soaring by 50.0% over January 2023 and rising by 16.9% from the previous month.

Average Residential Prices:

• The average residential price in the GEA reached $398,724, indicating a 2.5% increase from December 2023 and a significant 7.6% rise from January 2023.

MLS® Home Price Index (HPI):

• The HPI composite benchmark price in the GEA was recorded at $376,700, reflecting a marginal decrease of 0.1% from December 2023 but a year-over-year increase of 2.9% from January 2023.

Insight from Melanie Boles:

• Melanie Boles, the 2023 Board Chair of the REALTORS® Association of Edmonton, noted the promising signs in the market, emphasizing the importance of closely monitoring inventory levels as the spring market approaches.

Days on Market:

• On average, detached homes spent 60 days on the market, while semi-detached homes and row/townhouses averaged 53 days. Apartment condominiums remained on the market for an average of 65 days. Overall, all residential listings averaged 59 days on the market.

With robust sales and price growth, the Edmonton real estate market is off to a promising start in 2024, setting a positive tone for the year ahead.