Edmonton, February 2, 2024: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for January 2024 came to 1,439, an increase of 17.5% from December 2023, and 46.8% higher than January 2023. New residential listings amounted to 2,195, a number 49.3% higher than in December 2023, and 2.3% lower than January 2023. Overall inventory in the GEA decreased 1.9% from December 2023 and 12.1% from January 2023.
For December, detached unit sales totaled 876, higher than the previous month by 25.0%, and up 51.0% from the previous year. Semi-detached unit sales held steady at just 0.7% higher month-over-month but showed an increase of 41.0% year-over-year.
Total residential average prices came in at $398,724, a 2.5% increase from December 2023, and a 7.6% increase from January 2023. Detached homes averaged $484,365, decreasing 1.0% from December 2023 and up from the previous year by 7.3%. Semi-detached units sold for an average of $378,421, resulting in a 6.6% increase year-over-year, and a 4.0% increase from the previous month.
“Edmonton real estate market is off to a good start for the year, with strong sales and prices compared to last year,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “But we’ll be watching our inventory very closely leading up to the spring market. We want enough new listings available to meet the demand that is clearly there.”
Detached homes averaged 60 days on the market, increasing seven days from December 2023. Semi-detached homes averaged 53 days on the market, an increase of 12 days from the previous month. Overall, all residential listings averaged 59 days on the market, a month-over-month increase of 7 days and a 7-day decrease when compared to January 2023.
Sourced from RAE
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