Real Estate Market Report | Edmonton | April 2024
Edmonton Home Prices Rise Despite Market Stabilization
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.
Bōdesellers 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 April 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.
Activity returning to 5-year historical averages
The Edmonton housing market continues its stablized trend with just a small decline in sales activity and inventory. With pricing relatively similar, the market seems to have found a moment of equilibrium. We’ll see how the market responds to a balancing in the next few months at the historical peak of activity.
Edmonton's Detached Homes
With only a 1.5% increase month over month in pricing, detached homes in Edmonton are reaching stability. A small decrease in sales over the last 5 March’s combined with only a 2% increase in new listings reinforces this stabilization.
Edmonton's Apartments
Apartment pricing continues to trend slightly upward at 2.05% month over month and still up almost 2% year over year. With signficantly lower sales activity than the 5 year average, and fewer listings coming to market, other asset classes in Edmonton are looking more attractive to buyers.
Edmonton's Attached Homes
Attached homes in Edmonton by far are where buyers are looking. With listing activity was up year over year and month over month, pricing appears to have continued its increase year over year at just under 8%. If the trend continues on average, we should see attached homes return to pricing levels not seen in years.
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.
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