Here are the most recent housing market insights for Edmonton as of late November and early December 2024:
1. Market Activity: Edmonton remains in a seller’s market, with a sales-to-new-listings ratio of 85%, indicating strong demand and limited supply.
2. Inventory: Residential inventory in Edmonton decreased by 24% year-over-year, reflecting tightening market conditions. Months of supply stand at approximately 1.90, down 44% compared to the same period last year.
3. Average Home Price: The average price of homes in Edmonton is $440,089, an 11% increase compared to 2023. Detached homes saw significant price growth, while other property types like apartments remained stable.
4. Regional Comparison: Among Alberta’s cities, Edmonton’s market shows one of the fastest rates of tightening, driven by high buyer demand and reduced inventory.