Real Estate Market Report | Edmonton | January 2024
Edmonton home sales maintain solid performance
The popularity of Edmonton continues as Alberta remains the most active market in the country. With more domestic migration and steady immigration, the provincial capital maintains steady growth.
We help provide home buyers and sellers with the data they need to be successful. When you have access to accurate and relevant data, you can be more confident in setting the price of your home and selling it or buying at the right price.
With many important factors to consider (what kind of home you have, what community etc.), it’s important to look specifically at what the housing market is doing in your neighbourhood.
Bōde sellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Edmonton real estate market as of January 2024?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Home sales in December 2023 were strong.
Home sales in December 2023 were strong. Sales were up 23% vs the average of the last 5 Decembers. This high demand is for more affordable attached homes showing a 68% increase in sales of the 5 yr average for the same period. Meanwhile the number of homes for sale is dramatically 35% lower than where it would typically be this time of year. Home prices decreased 0.6% over last month and were up 1.3% over December last year.
Edmonton's Detached Homes
Detached sales were up 16% in December 2023 compared to the last 5 Decembers. Detached prices were down 0.6% MoM and up 15.4% YoY
Edmonton's Apartments
Sales of apartments were down 24% in December 2023 vs the avg of the last 5 Decembers. Prices decreased 1.2% MoM while being up 1.8% YoY.
Edmonton's Attached Homes
Attached sales were up a staggering 68% in December 2023 vs the avg of the last 5 Decembers. Sales were significantly higher than 2022 & 2021 levels, making attached homes the strongest selling segment (relatively). Prices increased 1.6% MoM and up 5.6% YoY.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
Want to Buy or Sell Your Home easily?
Welcome to Bōde
Bōde has created a marketplace to allow you to get transparent home data, set your price, and list your home on MLS (and 1000+ more sites). We will advertise your home and walk you through the whole sale process for 1% up to a maximum of $10K, only when the home sells.
Looking to buy? Bōde empowers buyers to purchase any Bōde property – for no charge.
With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
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