The Edmonton real estate market continues to evolve, presenting new data and trends for March 2024 that are essential for both buyers and sellers to consider. In this comprehensive report, the Gurpreet Ghatehora Real Estate Team, recognized as one of the top 100 agents in Canada by Rankmyagent from 2021-2023, provides expert analysis on the latest market statistics. Let's delve into the numbers to uncover what they mean for you.

Benchmark Price Movements: A Detailed Look March 2024 witnesses a varied landscape in Edmonton's property prices. The benchmark price for properties has seen a substantial month-to-month increase of 4.01%, setting the average at $396,840. This is also an 8.33% rise from March 2023, signaling robust growth over the year. In a different vein, higher-end properties priced at $502,341 exhibit a moderate monthly growth of 1.41%, with a 5.74% annual increase. More affordable segments of the market, like properties valued at $189,142, show a notable monthly jump of 9.29%, though the year-to-year growth remains modest at 0.82%.

Active and Sold Listings: Current Market Temperature The quantity of active and sold listings offers insights into market demand and inventory levels. With 3,675 active listings and 1,737 properties sold in March, the market shows significant activity, suggesting a healthy balance for both buyers and sellers. Meanwhile, properties at the $502,341 price point show a proportionate dynamic with 1,934 active and 949 sold listings. The most affordable properties see 1,105 on the market and 341 sold, indicating a more challenging market for sellers but opportunities for buyers.

Average Days on Market (ADOM): Timing and Turnover Understanding how long properties stay on the market before being sold can help gauge the pace of the real estate environment. March reveals a swift market with properties averaging 39 days on the market for both the general and higher-end price ranges. More affordable properties tend to remain longer, averaging 46 days before sale, pointing to a slightly slower turnover in this segment.

Conclusion: The Edmonton real estate market in March 2024 displays significant growth and an active trading environment. Buyers and sellers must navigate this landscape with up-to-date knowledge and strategic planning to achieve their real estate goals.

For those looking to make their mark in the Edmonton real estate market, whether in buying or selling, the Gurpreet Ghatehora Real Estate Team offers the expertise and experience you need. With our award-winning service, we have been serving the Edmonton area since 2007, and we are just a call away from helping you find your dream home. Contact us at 780-951-6530 or explore your options at Edmontonhomesonsale.com. Your dream home awaits, and with the Gurpreet Ghatehora Team, it's closer than ever. Latest Edmonton Listings 👉 👉🏻 👉🏼 👉🏽 Edmontonhomesonsale.com