November 2024 Real Estate Stats

November 2024 Real Estate Stats for Edmonton, Alberta

Homebuyers and sellers across the Greater Edmonton Area (GEA) are turning their attention to this year's November real estate statistics to gain insights into market trends. Here's a comprehensive breakdown of the residential sales, pricing trends, and what the current data may signal for the months ahead.

Edmonton Real Estate Market Overview – November 2024

The real estate activity in Edmonton saw a notable seasonal slowdown in November, aligned with the typical pre-holiday market trends. According to the REALTORS® Association of Edmonton, the region recorded 1,920 residential unit sales in November. This marks a 22.8% decrease compared to October 2024, but a promising 18.4% increase over November 2023.

New residential listings saw a drop to 2,114, marking a 27.9% month-over-month decline; however, this showed a slight 1.4% uptick compared to November last year. The overall inventory also fell, decreasing 12.1% from October 2024 and a notable 17.3% year-over-year decline, as homeowners possibly opted to delay property sales during the holiday season.

Breakdown by Housing Type

Each housing type within the Edmonton market had unique trends contributing to the broader statistics. Here’s a deeper look:

Detached Homes

• Sales: 1,138 units—down 20.5% from October, but 23.6% higher than November 2023.
• Average Price: $540,320—a 2.3% decrease month-over-month, yet 12.8% higher than the prior year.

Semi-Detached Homes

• Sales: Declined 27.8% month-over-month but still 18.0% higher year-over-year.
• Average Price: $411,469—up 1.1% from October and showing 13.3% annual growth.

Row/Townhouses

• Sales: Dropped by 23.2% compared to October, yet rose 18.0% year-over-year.
• Average Price: $288,176—a 6.4% decline from October, but 6.0% higher than November 2023.

Apartment Condominiums

• Sales: Declined by 27.3% month-over-month, yet remained 3.1% above November 2023.
• Average Price: $200,266—an impressive 4.5% increase over October and 17.0% growth year-over-year.

Overall, while month-to-month comparisons show seasonal cooling, November 2024 outperformed the same month last year across most categories.

Residential Price and Market Trends

The total residential average price across all property types landed at $436,401 in November 2024, showing:

• A 0.9% month-over-month decrease from October.
• A 14.7% year-over-year increase, highlighting the market's long-term growth.

The MLS® Home Price Index (HPI) composite benchmark price came in at $402,100, representing:

• A slight 0.3% drop from October.
• A solid 7.9% increase over November 2023.

These trends suggest steady upward momentum in Edmonton’s home values, even as temporary seasonal slowdowns occur.

Days on Market (DOM)

Homes spent slightly more time on the market in November 2024. On average:

• Detached Homes sat for 41 days, up three days from October.
• Semi-Detached Homes took 32 days, also up by three days month-over-month.
• Row/Townhouses averaged 37 days, a two-day rise compared to last month.
• Apartment Condos spent 48 days on the market, with a three-day increase.

Across all residential listings, the average DOM was 41 days, showing a four-day month-over-month increase yet a significant five-day improvement compared to November 2023. This indicates that properties are moving quicker compared to the same period last year, even with a slight seasonal slowdown.

What Does This Mean for Buyers and Sellers?

Despite the seasonal dip, early whispers predict a busy spring market in 2025.

For Homebuyers:

• The increase in year-over-year inventory levels suggests a wider variety of properties compared to 2023, so you might find better options.
• With average prices stabilizing month-over-month, now could be a good time to explore Edmonton’s resilient market before the anticipated spring surge.

For Sellers:

• Despite the seasonal slowdown, home prices in many categories reflect significant year-over-year growth. This could present a strong opportunity for sellers still considering listing during the winter.
• Engaging a REALTOR® now to prepare for 2025 could turn the tide in your favor for competitive spring bids.

Looking Ahead to 2025

With Edmonton’s real estate market experiencing a cooler winter period, savvy sellers and buyers can leverage this relative quiet to their advantage. Historically, preparation during the off-season has given rise to stronger spring activity. Prices and demand in 2025 are widely expected to increase as the market gears up for a new cycle.

For guidance tailored to y

our needs, it’s important to partner with a trusted local REALTOR® who understands Edmonton’s unique market dynamics. Whether you're buying your dream home or looking to sell for the best price, the right expertise can make all the difference.

Wrapping Up

Edmonton’s November 2024 real estate statistics paint a positive picture for long-term growth despite the seasonal lull. With the right strategy, whether you’re a buyer or seller, you can find opportunities in every part of the market.

Are you planning to buy or sell in 2025? Partner with an expert REALTOR® today to make the most of what’s ahead.