Low inventory sets stage for continued seller’s market
Edmonton, January 3, 2025: There were a total of 1,428 residential unit sales in the Greater Edmonton Area (GEA) real estate market during December 2024, a 25.4% decrease from November 2024 and 17.2% higher than December 2023. New residential listings amounted to 1,367, down 33.3% from November 2024 and 7.3% from December 2023. Overall inventory in the GEA decreased 22.5% month-over-month and 24.6% year-over-year.
The total number of Detached unit sales was 826, a decrease of 27.2% over the previous month but still 18.8% higher than the previous year. Semi-detached sales decreased 15.8% month-over-month while remaining 18.7% higher year-over-year, coming in at 165 units sold. Row/Townhouse unit sales decreased 22.9% compared to November 2024 and recorded 13.1% more sales than December 2023. Apartment Condominium unit sales are still 15.1% higher than the previous year but slowed 27.1% since November 2024.
Total residential average prices came in at $435,549, reporting no change from the previous month, but reflected an overall increase of 12.2% compared to December 2023. Detached homes averaged $540,232, with no change from November 2024, and coming in 10.6% higher than the previous year. Semi-detached units sold for an average of $408,823, increasing 1.6% from the previous month and up 12.3% year-over-year. Row/townhouse prices were up 1.4% from November 2024 and were 12.3% higher than December 2023 with an average selling price of $292,640. Apartment Condominium average prices rose 1.8% from November 2024 to $203,920, ending the month of December 19.8% higher than the previous year.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $403,900, increasing 0.4% from November 2024 and up 7.8% from December 2023.
“It’s no surprise that we saw a decrease in the number of total residential new listings and unit sales month-over-month,” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “Despite this typical cooling off period of the market, we’re still feeling encouraged about the year ahead as average prices and unit sales were still ahead from this time last year.”
Detached homes averaged 44 days on the market, an increase of three days from November 2024. Semi-detached homes increased by one day to 33 days on the market, while row/townhouses increased two days to 38. Apartment condominiums averaged 57 days on market, an increase of nine days. Overall, all residential listings averaged 44 days on the market, with a four-day month-over-month increase and an eight-day decrease in comparison to December 2023.