Predictable real estate patterns unaffected by interest rate changes
Edmonton, October 2, 2024: There were a total of 2,256 residential unit sales in the Greater Edmonton Area (GEA) real estate market during September 2024, a 12.6% decrease from August 2024, but still 10.0% higher than September 2023. New residential listings amounted to 3,215, down 4.6% from August 2024, and up 6.4% higher from September 2023. Overall inventory in the GEA decreased 1.7% month-over-month and 12.1% year-over-year.
The total number of Detached unit sales was 1,299, a decrease of 11.1% over the previous month but still 8.2% higher than the previous year. Semi-detached unit sales decreased 15.8% month-over-month and showed an increase of 12.9% year-over-year. Row/Townhouse unit sales decreased 15.4% compared to August 2024 and sold 25.9% more than September 2023. Apartment Condominium unit sales were still 2.2% higher than the previous year but were down 12.6% from August 2024.
Total residential average prices came in at $440,366, a 1.2% increase from August 2024, and a 11.7% increase from September 2023. Detached homes averaged $552,684, increasing 1.3% from August 2024 and up from the previous year by 11.9%. Semi-detached units sold for an average of $413,252, decreasing 0.3% from the previous month, and up 16.8% year-over-year. Row/townhouse prices rose 0.7% from August 2024 and are sitting 9.6% higher than September 2023 with an average selling price of $292,875. Apartment Condominium average prices dropped 2.3% in August 2024 to $199,564, ending the month of September 9.6% higher than the previous year.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $406,400, decreasing 0.2% from August 2024, and up 7.6% from September 2023.
“As the nights get longer, so do the days on market in real estate,” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “Not even cuts to interest rates can keep our market going at the hectic pace it’s been at this summer. We’re now seeing the usual slowdown, but also the continuation of elevation in home prices due to competition over lower inventory.”
Detached homes averaged 37 days on the market, an increase of two days from August 2024. Semi-detached homes recorded no change at 30 days on the market, and row/townhouses’ days on the market rose from 30 to 36 days. Apartment condominiums averaged 48 days on market, a marked increase of seven days. Overall, all residential listings averaged 38 days on the market, a month-over-month increase of three days and a six-day decrease in comparison to September 2023.