The Edmonton real estate market saw some shifts during the week of November 6 to November 12, 2024. As we approach the end of the year, let’s dive into the latest numbers provided by the REALTORS® Association of Edmonton and understand what they mean for both buyers and sellers.

Unit Sales

This week, Edmonton recorded 436 unit sales, marking a 17% decrease from last week. This decline could indicate a seasonal slowdown as the market heads into the colder months, which is typical for the Edmonton area. With fewer transactions, buyers may find themselves with slightly more leverage, while sellers might need to adjust their expectations regarding the time it takes to close a sale.

New Listings

A total of 535 new listings came onto the market this week, down 10% from last week. The drop in new listings suggests that fewer sellers are entering the market, which could limit options for buyers in the coming weeks. For existing sellers, this reduction in new competition might be advantageous, as their properties could attract more attention from the reduced pool of active buyers.

Average Price

The average price for residential properties in Edmonton rose to $459,000, which is a 7% increase from last week. This price rise may reflect a higher demand for mid- to high-range properties or a shift in the types of properties being sold. Sellers in this price range may find this trend encouraging, as it indicates a strong market interest that could result in favorable sale prices.

Median Price

The median price increased by 6% from last week to reach $425,000. This increase in the median price aligns with the rising average price, suggesting that the market is leaning towards higher-value transactions. Buyers should be aware of these rising price trends, as it may influence their purchasing power and options.

Market Analysis and Outlook

With declining sales and new listings, alongside rising prices, Edmonton’s real estate market displays mixed signals. The combination of fewer new listings and rising prices could signal a slightly tighter market, where demand remains strong despite the seasonal drop in activity. For sellers, particularly those with higher-value properties, this could be an opportune time to list, while buyers may want to move swiftly if they find a property that suits their needs, given the upward pressure on prices.

As we move into the winter months, it will be interesting to see if the recent price trends persist or if further seasonal shifts affect the market dynamics. Whether you’re a buyer or seller, staying updated with weekly trends can help you make informed decisions in Edmonton’s ever-evolving real estate landscape.

Buying or selling Edmonton real estate? Contact us at Gurpreet Ghatehora, 780-951-6530, Realtor® with Royal LePage Magna. Serving Edmonton and the surrounding area since 2007, ranked in the top 100 agents in Canada by RankMyAgent from 2021-2023.

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