As the snow melts and the temperature rises, the 2024 Edmonton real estate market is heating up in more ways than one. Springtime has brought with it a surge of activity, with eager buyers and sellers making their moves in this bustling market.
As a seasoned real estate agent in Edmonton, I've seen my fair share of busy seasons, but this spring feels particularly energetic. Here's a closer look at what's driving the frenzy this year.
Edmonton benchmark home prices on the rise
According to the REALTORS® Association of Edmonton, data from February is showing growth of about 4% in the benchmark price for all housing types compared to February 2023.
Taking the lead in price gains were townhomes which saw an increase in benchmark price of 10% to $246,000.
Benchmark prices for apartment condos and single-family detached homes grew by approximately 5% to $184,000 and $442,000 respectively.
Sales are heating up up the market earlier than expected
And while new listings are up year over year (9% compared to this time last year) demand is also up which is driving sales and prices. In February, sales grew nearly 37% compared to January and are up more than 52% compared to 2023.
If the storyline last year was a balanced market, the early spike in activity this year is pointing to a return to a sellers market in Edmonton.
With affordability driving an influx of people into Alberta, it’s not surprising that demand is outpacing supply. Especially for homes under $500,00 and particularly for condos in Edmonton which average in cost below $200,000.
The overall sales-to-new listings ratio was 71% in February which is indicative of a sellers market. For comparison’s sake, the ratio was 51% this same time last year.
The condo market is experiencing a surge in activity with the sales-to-new-listings ratio for condos increasing from 45% last year to 65% this year. The market for this segment is also favouring sellers at the moment.
SEARCH EDMONTON CONDOS FOR SALE
According to a recent report in the Edmonton Journal, the spring real estate season in Edmonton could be hotter than usual, with a significant increase in buyer demand. The affordability of Edmonton’s housing market compared to other major Canadian cities is a major draw for many buyers.
With demand already ramping up and with potential interest rate cuts possibly coming as soon as April, the 2024 market could be a hot one indeed!
Wally’s advice to buyers and sellers
For those considering diving into the 2024 Edmonton housing market, my advice is not to wait. The positive forecasts create a compelling case for both buying and selling in this dynamic market.
If you're contemplating selling, the market is leaning in your favour, with increased average prices and strong demand. Buyers should also feel encouraged by the variety of options and stable pricing, though competition could be stiff for desirable properties in affordable price ranges. As always, I recommend working closely with a real estate professional to navigate the market effectively.
Need expert real estate advice? Call/text Wally at 780.238.7384 today