Market Statistics – December 2024
As we wrap up 2024, Edmonton's real estate market continues to favor sellers, with low inventory levels playing a major role. The latest statistics from the Greater Edmonton Area (GEA) reveal key insights into December’s housing market trends, showcasing increased demand and rising prices compared to last year.
Residential Sales Snapshot
In December 2024, 1,428 residential properties were sold across the GEA—a seasonal decline of 25.4% from November, yet a remarkable 17.2% higher than December 2023.
Detached Homes: 826 units sold, down 27.2% month-over-month, but up 18.8% year-over-year.
Semi-Detached Homes: 165 units sold, a 15.8% monthly decrease, but a 18.7% annual increase.
Row/Townhouses: Sales dipped 22.9% month-over-month, but were 13.1% higher than last year.
Apartment Condominiums: Sales were down 27.1% from November, but still 15.1% higher year-over-year.
Low Inventory Challenges
New residential listings dropped to 1,367, a sharp 33.3% decrease from November and 7.3% lower than last December. This decline contributed to an overall inventory drop of 22.5% month-over-month and 24.6% year-over-year, emphasizing the seller’s market conditions.
Rising Home Prices
Despite fewer sales, average home prices in the GEA remain strong:
Overall Residential Average Price: $435,549, unchanged from November but up 12.2% year-over-year.
Detached Homes: $540,232, steady from November and 10.6% higher than last year.
Semi-Detached Homes: $408,823, a 1.6% monthly increase and 12.3% annual growth.
Row/Townhouses: $292,640, up 1.4% from November and 12.3% year-over-year.
Apartment Condominiums: $203,920, rising 1.8% month-over-month and 19.8% annually.
The MLS® Home Price Index (HPI) composite benchmark price climbed to $403,900, reflecting a 0.4% monthly increase and a 7.8% annual rise.
Days on Market
Homes took slightly longer to sell in December, with the average days on market increasing to 44, up four days from November. However, properties are still selling faster compared to December 2023, with an overall eight-day decrease year-over-year.
Detached Homes: 44 days (up 3 days from November).
Semi-Detached Homes: 33 days (up 1 day).
Row/Townhouses: 38 days (up 2 days).
Apartment Condominiums: 57 days (up 9 days).
Looking Ahead to 2025
“The typical seasonal slowdown is reflected in December’s numbers,” says Melanie Boles, 2024 Board Chair of the REALTORS® Association of Edmonton. “However, the year-over-year growth in sales and prices highlights the resilience of Edmonton’s real estate market. We’re optimistic about the opportunities ahead in 2025.”
Source: Realtors Association of Alberta
What This Means for Buyers and Sellers
If you’re thinking about selling, the continued demand and low inventory levels present a golden opportunity. For buyers, acting quickly and staying informed is key in this competitive market.
Stay ahead of Edmonton’s real estate trends by working with a trusted professional. Contact Nooran Ostadeian at nooranrealty.com or call/text 780-953-0723 for expert advice tailored to your needs.