September 2024 Edmonton Real Estate Market Report: What You Need to Know
Welcome to Team Sethi’s September 2024 Market Report! Whether you’re a first-time homebuyer, seasoned investor, or looking to sell, the Greater Edmonton real estate market continues to offer exciting opportunities. Let’s dive into this month’s market performance to help you make the best decisions for your next real estate move.
Market Snapshot: Sales-to-New Listings Ratio
In September 2024, the sales-to-new listings ratio sat at 70.2%, slightly lower than 74.7% in August, but still a solid sign of market activity. What does this mean? For every 100 homes listed, roughly 70 are sold. This shift points to a slightly more balanced market, giving buyers a bit more room to breathe while still remaining favorable for sellers.
It’s worth noting that last year, the ratio was just 68.1%—so even though it’s dipped slightly from last month, this is a healthier market than we saw in 2023. The slight cooling means competition is softening just a little, but demand remains strong, especially in certain property types.
Odds of Selling in 90 Days or Less: Slight Drop, But Still Strong
The chances of selling your home in less than 90 days have dipped slightly to 47.6%, down from 50.0% in August. However, that’s still a 7.8% increase from September 2023. What’s driving this? Edmonton’s stable market conditions and consistent buyer demand are keeping the odds relatively high, especially in the townhouse and detached home markets.
So, if you’re planning to sell, you’ve still got excellent chances of finding a buyer quickly, particularly if you price your home right.
A Closer Look at Property Types: Detached, Semi-Detached, Townhouses, and Condos
Let’s break down the market by property types to give you a clearer picture of where the most activity is happening.
- Detached Homes: These continue to lead the pack with an average sale price of $552,684 and a median price of $507,000. In September, 1,299 detached homes were sold, making this the most popular property type. With 1,907 new listings, it’s clear that detached homes are still in high demand.
- Semi-Detached Homes: If you’re looking at semi-detached properties, the average sale price was $413,252, and the median came in at $407,000. Although not as active as the detached market, 245 semi-detached homes were sold last month, and the 75.9% sales-to-new-listings ratio shows strong buyer interest.
- Townhouses (Row Housing): A hot market segment with a remarkable sales-to-new listings ratio of 86%, row/townhouses sold at an average price of $299,875. With 345 sales and just 401 new listings, it’s clear that townhouses are moving fast! If you’re in the market for this type of property, now is the time to act as inventory remains limited.
- Apartment Condos: The condo market is a bit softer compared to other property types, with 367 sales and 584 new listings. Prices remain very affordable, with an average sale price of $199,564 and a median of $190,000. While condos take longer to sell (48 days on average), they’re still an attractive option for budget-conscious buyers or investors.
What’s Happening in Price Ranges?
If you’re curious about the most popular price points, here’s a quick breakdown:
- Detached homes are most commonly selling in the $400,000-$500,000 range, with 364 transactions in this price bracket.
- Townhouses are seeing a lot of activity in the $200,000-$300,000 range, with 112 properties sold.
- Condos are hot in the $100,000-$200,000 range, with 165 properties sold.
Higher-end properties, particularly those over $1 million, saw fewer sales, showing that most buyers are focused on mid-range homes.
Months of Inventory: Still a Seller’s Market!
The months of inventory for September 2024 dropped slightly to 2.52 months. This means if no new homes were listed, it would take about 2.5 months to sell through the current inventory. A balanced market typically falls between 4-6 months, so with less than 3 months of inventory, we’re still very much in a seller’s market. Sellers, this is good news for you, as demand is still outpacing supply.
For buyers, while it’s still competitive, the market is giving you more choices than it did earlier in the year, so don’t feel discouraged!
Sold Properties by Price Range: The Mid-Range Market Dominates
Looking at where most of the sales action is happening, properties in the $300,000 to $500,000 range are the sweet spot, especially for detached homes and townhouses. 289 homes sold in the $400,000-$450,000 range alone. If you’re aiming to buy in this price range, be prepared for competition. Properties in the higher price brackets are taking a bit longer to sell, with only 14 properties in the $1M+ category sold last month.
Average Days on Market: Homes are Selling Faster!
Another key trend is how quickly homes are selling. The average days on market for most property types continue to decrease, showing how fast-paced the market has become. Here’s a quick snapshot:
- Detached Homes: 37 days
- Semi-Detached Homes: 30 days
- Townhouses: 36 days
- Condos: 48 days
If you’re listing your home and it’s priced correctly, there’s a good chance it will sell in under 40 days—and possibly even quicker if it’s a detached home or townhouse!
Historical Price Trends: Steady Growth
Over the past two years, Edmonton’s market has shown consistent price growth. The average sale price in September 2024 was $440,366, marking a 1.27% rise from August 2024. Even more impressively, prices have grown 3.36% compared to September 2023. This steady increase highlights the long-term stability of Edmonton’s real estate market, making it a great place to invest.
Key Takeaways: What Does This Mean for You?
- Sellers: It’s still very much a seller’s market, especially for detached homes and townhouses. Properties are moving fast, and with limited inventory, it’s an ideal time to list. Make sure your property is priced right to capitalize on the high demand and short days on market.
- Buyers: While the market is competitive, there are opportunities, particularly in condos or higher-end homes that aren’t moving as quickly. If you’re looking in the mid-range market (especially $400,000-$500,000), be prepared for some competition but know that options are still available.
- Investors: The consistent price growth and short days on market make Edmonton a strong contender for real estate investment. Whether you’re looking at affordable condos or higher-end homes, there’s something for every budget.
At Team Sethi, we’re here to help you navigate the complexities of the Edmonton real estate market. Whether you’re buying, selling, or investing, our team has the experience and local expertise to guide you every step of the way. Don’t hesitate to reach out for personalized advice or to schedule a consultation.
Contact us today and let’s make your next real estate move a success!
