Edmonton’s real estate market is off and running for 2024. There were 1,439 residential unit sales in January, a 17.5 per cent increase from the month prior, and a 46.8 per cent increase over January 2023. If you are looking to list your current home or to purchase your next home, The Esposito Team will guide you through the process and the current trends of the Greater Edmonton Area, offering insights and perspectives on what lies ahead for buyers, sellers, and investors alike.
A Flourishing Start
In January 2024, Edmonton and surrounding communities witnessed a notable increase in residential unit sales, totaling 1,439 — a increase of 17.5 per cent from December 2023 and a striking 46.8 per cent increase compared to January 2023. In addition, new residential listings also soared to 2,195, reflecting a 49.3 per cent increase from the previous month but a marginal 2.3 per cent decrease from January 2023. This mix of sales and listings hints at an intriguing dynamic in the Edmonton Real Estate market for the upcoming year.
Unveiling the Diverse Housing Preferences
A closer look at the type of housing that buyers are looking for reveals fascinating insights into consumer preferences. Detached unit sales led the way with 876 units sold in December — a notable increase of 25.0 per cent from the previous month and an impressive 51.0 per cent increase from the previous year. Conversely, semi-detached unit sales remained relatively steady, indicating a nuanced shift in buyer behavior. Row or townhouse and apartment condominium unit sales showcased growth of 0.5 per cent, outlining the diverse range of housing demands within the Edmonton market.
Pricing Dynamics in a Flourishing Market
When the market is booming it is important to work with a reputable realtor to ensure your home is listed appropriately. The average residential price climbed to $398,724, marking a commendable 2.5 per cent increase from December 2023, and a 7.6 per cent surge from January 2023. The breakdown of how this increase affects different types of dwellings include:
- Detached homes averaged $484, 365
- Semi-detached units and row/townhouses averaged $378, 421
- Apartment condominiums prices hit $192, 660
MLS® Home Price Index (HPI)
Understanding the MLS® Home Price Index (HPI) composite benchmark price provides valuable insights into market valuation and trends. Despite a marginal decrease of 0.1 per cent from December 2023, the HPI benchmark price stood at $376,700 — an encouraging 2.9 per cent increase from January 2023. This assessment of benchmark prices shows a steady uptick, reflecting the affects of supply and demand within the Edmonton real estate ecosystem. This is an area that the Top Realtors in Edmonton will continue to watch as the spring market approaches.
Expected Interest Rates for 2024
Borrowers and homeowners are well aware of the consistent increase in interest rates during 2023. As many consumers are either facing mortgage renewals in 2024 or hoping to purchase their first home, it is important to keep a close eye on interest rate changes announced by the Bank of Canada. It is expected that these increased rates will decline in 2024 following the January 2024 announcement by the Bank of Canada to hold its current rate steady at 5 per cent for the current period.
Market Dynamics including Days on the Market
Let’s look into the Edmonton market dynamics. On average the number of days residential listings spend on the market can offer a perspective on buyer-seller interactions. While detached homes averaged 60 days on the market — an increase from December 2023 of seven days — semi-detached units and row/townhouses witnessed a notable uptick in listing durations of three to 53 days. Apartment condominiums, however, showcased a significant increase in days on the market of 65 days which is a nine day increase from the month prior. For a comprehensive marketing plan for your home sale reach out to Century 21 Edmonton.
As we embark on the spring real estate season, buyers and sellers will want to keep a close eye on the market trends. With a blend of cautious optimism and strategic foresight, Edmonton Realtors stand poised to navigate you through this evolving landscape, unlocking new horizons of growth and prosperity for you in 2024.
Buying or Selling in the Area?
Reach out to our team today for further information about our proven marketing plan or to kick your home search up a notch! Contact The Esposito Team or view current listings in the Edmonton area.
