Edmonton, December 3, 2024: There were a total of 1,920 residential unit sales in the Greater Edmonton Area (GEA) real estate market during November 2024, a 22.8% decrease from October 2024 and 18.4% higher than November 2023. New residential listings amounted to 2,114, down 27.9% from October 2024 and up 1.4% from November 2023. Overall inventory in the GEA decreased 12.1% month-over-month and 17.3% year-over-year.
The total number of Detached unit sales was 1,138, a decrease of 20.5% over the previous month but 23.6% higher than the previous year. Semi-detached unit sales decreased 27.8% month-over-month while remaining 18.0% higher year-over-year. Row/Townhouse unit sales decreased 23.2% compared to October 2024 and recorded 18.0% more sales than in November 2023. Apartment Condominium unit sales are still 3.1% higher than the previous year but slowed 27.3% since October 2024.
Total residential average prices came in at $436,401, a 0.9% decrease from October 2024, but reflected an overall increase of 14.7% compared to November 2023. Detached homes averaged $540,320, a 2.3% decrease from October 2024, and coming in 12.8% higher than the previous year. Semi-detached units sold for an average of $411,469, increasing 1.1% from the previous month and up 13.3% year-over-year. Row/townhouse prices fell 6.4% from October 2024 but are still 6.0% higher than November 2023 with an average selling price of $288,176. Apartment Condominium average prices rose 4.5% from October 2024 to $200,266, ending the month of November 17.0% higher than the previous year.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $402,100, decreasing 0.3% from October 2024 and up 7.9% from November 2023.
“The numbers reflect that the housing market is ready for its winter break while buyers and sellers focus on the holidays,” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “With early whispers of a busy spring market in 2025, now is the time for savvy property owners and investors to engage a REALTOR® and start making plans for the year ahead.”
Detached homes averaged 41 days on the market, an increase of three days from October 2024. Semi-detached homes increased by three days to 32 days on the market, while row/townhouses increased two days to 37. Apartment condominiums averaged 48 days on market, an increase of three days. Overall, all residential listings averaged 41 days on the market, with a four-day month-over-month increase and a five-day decrease in comparison to November 2023.
*Please note – Each year, in line with statistical best practices, the MLS® HPI undergoes a comprehensive review by Canadian Real Estate Association (CREA). The results can lead to changes in the available data and historical composite or aggregate benchmark prices could be revised higher or lower. Learn more here or see the FAQ document here.
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