The latest report from the REALTORS® Association of Edmonton highlights key trends in the residential real estate market this week. Whether you're looking to buy your first home, sell your property, or invest, understanding these trends will help you make the right decisions.

1. Total Unit Sales – 534

  • 3% decrease compared to the previous week.
    The number of homes sold has dipped slightly, which is expected as the market cools with the changing season. If you’re a buyer, this softening demand could give you more negotiating power.

2. New Listings – 649

  • 15% decrease from last week.
    Fewer new properties are coming onto the market, tightening inventory. This is good news for sellers since there’s less competition. For buyers, it's crucial to act quickly if you find a property that meets your needs since options could become more limited.

3. Average Price – $435,000

  • 5% decrease from last week.
    The drop in average prices suggests a potential opportunity for buyers to secure deals. If you’ve been waiting for the right time, now might be it!

4. Median Price – $408,000

  • 7% decrease from last week.
    The decline in the median price points to greater affordability in the market. Lower prices could encourage first-time buyers and investors to jump in and capitalize on favorable conditions.

What Does This Mean for You?

  • For Buyers: With prices decreasing and sales slowing, it's a great time to explore your options and negotiate a favorable deal. However, with fewer listings available, be prepared to act fast when you find the right property.

  • For Sellers: Now is the time to plan strategically! With fewer homes on the market, you’ll face less competition, but it’s crucial to price your property smartly and market it effectively to attract serious buyers. A well-staged, properly advertised property will make all the difference in standing out and getting top dollar.

If you're buying or selling Edmonton real estate, contact Gurpreet Ghatehora at 780-951-6530, Realtor® with Royal LePage Magna. Serving Edmonton and surrounding areas since 2007, Gurpreet has the experience and expertise to guide you through every step of your real estate journey. Ranked in the Top 100 Agents in Canada by RankMyAgent from 2021-2023, Gurpreet combines market knowledge with exceptional service to help you achieve your goals.

Let’s Connect Today!

Whether you’re a first-time homebuyer, investor, or looking to sell, now is the perfect time to discuss your options. Call or text Gurpreet Ghatehora at 780-951-6530 and let’s make your next move a success!

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