Courtesy of Susan Sieg

Interest Rate Impacts Adding Pressure to Edmonton Market

$191,413 apt./ condo DOWN 6.0% year-to-year

$552,954 detached UP 13.6% year-to-year

AVERAGE SALE PRICES

$307,854 row/ townhouse UP 19.0% year-to-year

2,934 NEW LISTINGS 2,489 SOLD LISTINGS

detached 1,741 541 detached 1,431 418

apt./ condo

apt./ condo

2.0 MONTHS OF INVENTORY

5,125 ACTIVE LISTINGS

85% SALES TO NEW LISTING RATIO

37 DAYS ON MARKET

Edmonton, November 4, 2024: There were a total of 2,489 residential unit sales in the Greater Edmonton Area (GEA) real estate market during October 2024. New residential listings amounted to 2,934. Total residential average prices came in at $440,089, reflecting an overall increase of 11.1% compared to October 2023, Detached homes averaged $552,954, showing no change from September 2024 but still 13.6% higher than the previous year. Apartment Condominium average prices dropped 4.1% from September 2024 to $191,413, ending the month of October 6.0% lower than the previous year.

“The impact of lowering interest rates is keeping us busy, with buyers taking advantage of their increased buying power,” says REALTORS ® Association of Edmonton 2024 Board Chair Melanie Boles. “The number of units sold has spiked shortly after recent interest rate announcements, and while month to-month prices are less volatile, overall, they’re still showing a marked increase from last year.” Overall, all residential listings averaged 37 days on the market. Statistics reflect market activity in October 2024 | Source: REALTORS ® Association of Edmonton | Market values stated are of the average of Edmonton and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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Call: 780.686.0068 susansiegsells@gmail.com ■ www.SusanSieg.com

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