Real Estate Market Report | Edmonton | March 2024
Amidst some cooling in Edmonton there are encouraging signs for savvy buyers
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 March 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
We’re witnessing a continuation of the stabilized pattern, with moderate listing activity. Despite pricing remains relatively steady, hinting at promising prospects as we approach the spring market. But sales activity hitting 34% above the last 5 February’s is a strong indication to keep an eye on the Provincial capital.
Edmonton's Detached Homes
There has been a strong adjustment in detached home activity, well above historical averages. With a solid increase in sales activity compared to previous months, it appears that the market is finding its stride, indicating an active interest among buyers.
Edmonton's Apartments
The apartment segment in Edmonton is experiencing a cooling effect, illustrated by a decrease in pricing month over month, albeit still showing a modest increase year over year. New listing activity in this sector is notably lower than the five-year average, contributing to the ongoing cooling of prices.
Edmonton's Attached Homes
Detached homes remain highly sought-after in Edmonton, witnessing an uptick in listing activity both year over year and month over month. While pricing has continued its upward trajectory on an annual basis, the pace has moderated slightly in recent months. If this trend persists, we could anticipate apartment pricing reverting to levels reminiscent of nearly a decade ago on average.
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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