September Real Estate Statistics Are Here!
It’s an exciting time to be a part of the bustling Edmonton real estate market! As an experienced brokerage in this vibrant community, it’s our pleasure to share with you the latest data from the REALTORS® Association of Edmonton and shed light on what it could mean for you, whether you’re buying, selling, or simply keeping an eye on the market.
Unit Sales
Despite a decrease in unit sales during August and September 2024, with 2,591 and 2,256 residential unit sales respectively, we’ve seen a consistent year-over-year growth. In comparison to 2023, unit sales were up by eye-opening percentages of 15.8% and 10.0%. This suggests that although the market has cooled from its previous months, it remains exceedingly stronger than the previous year.
New Listings
The numbers also show a decline in new residential listings and overall inventory. This, however, is not a cause for concern. The 7.0% decrease from July to August and a 4.6% decline from August to September in new listings merely reflect a predictable market correction.
Home Prices
One of the most gratifying trends for homeowners is the positive momentum in home prices. The average residential prices escalated to $440,366 in September, a growth of 11.7% year-over-year, and detached homes hit an average of $552,684, up 11.9% from the previous year.
Days On Market
It does appear that there is a slight cooling happening in the market, as homes stay longer on the market compared to the heated summer months. The increase in days on the market reveals a return to a more stable, less frenzied market pace.
In Conclusion....
So, what does this mean for you? If you're thinking of selling, this is still an ideal time. The market competitiveness, powered by lower inventory, continues to keep prices elevated. As a buyer, you can expect a bit less competition than during the market frenzy earlier this year, giving you more breathing room to make thoughtful decisions.
The Edmonton market is demonstrating that it can maintain a robust and sustainable momentum, unhindered by interest rate changes. While we can't predict the future, we can say that Edmonton's real estate market has proven its resilience and appears well-positioned for continued growth.
These statistics provide us with both a snapshot of the present market and a benchmark for future trends. As always, it’s essential to work with a knowledgeable realtor, well-versed in Edmonton's unique real estate dynamics. I will continue to closely monitor these trends and ensure my clients are equipped with the essential market knowledge to make the best decisions in their real estate ventures. Stay tuned!
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