As we approach the final quarter of 2024, the Edmonton real estate market is showing remarkable resilience and growth, signaling an exciting time for both buyers and sellers. October saw a substantial rise in residential unit sales and notable year-over-year price increases, setting a promising scene for prospective homeowners, investors, and sellers. If you’re considering a move in Edmonton’s dynamic real estate market, now might be the time to act. Here’s a deep dive into the October 2024 stats and why reaching out to Gurpreet Ghatehora, Realtor® at Royal LePage Magna, could be your best move.

Overview: October 2024 Real Estate Market in Greater Edmonton Area (GEA)

  • Total Residential Unit Sales: 2,489, up 10.5% from September and 38.5% from October 2023

  • New Residential Listings: 2,934, reflecting a decrease of 8.7% month-over-month but an increase of 9.2% year-over-year

  • Inventory: Overall inventory saw a 10.1% monthly decrease and sits 17.4% lower year-over-year

The significant increase in unit sales demonstrates a thriving market, while the drop in inventory suggests that demand is robust, especially as buyers take advantage of recent interest rate adjustments.

Sales Breakdown by Property Type

Each segment of the market saw gains in sales compared to both September 2024 and October 2023, marking a notable demand across housing types.

  • Detached Homes: 1,431 units sold, a 10.2% increase from September and 37.2% year-over-year growth

  • Semi-Detached Homes: Sales rose by 11.4% monthly and 38.6% annually

  • Row/Townhouses: A 6.7% monthly increase and 38.0% year-over-year growth

  • Apartment Condominiums: Up 13.9% from September and 43.6% year-over-year

Price Trends: Slight Month-Over-Month Dip, Strong Annual Growth

While prices dipped slightly from September, overall values reflect substantial year-over-year increases, making this a favorable market for sellers. Here’s a closer look:

  • Average Residential Price: $440,089, down 0.1% month-over-month but up 11.1% from last year

  • Detached Homes: Holding steady at $552,954, marking a 13.6% increase from October 2023

  • Semi-Detached Homes: Averaging $407,006, down 1.5% monthly yet up 5.6% annually

  • Row/Townhouses: Showing a 4.9% monthly increase and 19.0% annual rise, with an average of $307,854

  • Apartment Condominiums: $191,413, down 4.1% from September and 6.0% lower year-over-year

The MLS® Home Price Index (HPI) composite benchmark for GEA stands at $403,500, a modest decrease of 0.7% from September but an impressive 7.7% rise from last October. These numbers underline Edmonton’s increasing home value and attractiveness as a real estate investment.

Days on Market (DOM): Steady Sales Velocity

The average days on market for all residential listings in Edmonton remains at 37 days, matching September’s stats but reflecting a nine-day improvement over October 2023. Here’s the breakdown by property type:

  • Detached Homes: 38 days, up two days from September

  • Semi-Detached Homes: 29 days, down by one day

  • Row/Townhouses: 35 days, unchanged

  • Apartment Condominiums: 45 days, a three-day decrease

The market is moving quickly, especially for semi-detached homes and apartments, showing that demand remains high across various housing types.

Why Choose Gurpreet Ghatehora as Your Realtor®?

With an in-depth knowledge of Edmonton’s real estate market, Gurpreet Ghatehora has been guiding clients to successful sales and purchases since 2007. Recognized as one of Canada’s top 100 agents from 2021 to 2023 by RankMyAgent, Gurpreet’s expertise and dedication stand out in a competitive industry. Here’s what sets him apart:

  1. Market Insight and Local Knowledge: Gurpreet keeps a pulse on local market trends and inventory levels to ensure you’re always in the best position, whether you’re buying or selling.

  2. Proven Track Record: With years of award-winning service and a reputation built on trust and results, Gurpreet has consistently helped clients achieve their real estate goals, adapting to evolving market conditions.

  3. Comprehensive Marketing Strategies: Utilizing modern marketing techniques, including SEO-optimized listings, social media presence, and more, Gurpreet ensures maximum exposure for your property, targeting the right buyers effectively.

  4. Personalized Client Experience: Every client receives a tailored approach, focusing on your unique needs and timelines. Gurpreet’s attention to detail and dedication to client satisfaction means you’re supported at every step.

  5. Strong Negotiation Skills: With experience handling complex transactions, Gurpreet advocates for your best interests, securing the most favorable outcomes.

Let’s Connect

Whether you’re looking to buy, sell, or invest in the Edmonton area, now is the time to partner with a trusted expert. Contact Gurpreet Ghatehora, Realtor® at Royal LePage Magna at 780-951-6530 for a consultation and to learn how you can make the most of today’s market.

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