As we step into the final weeks of September, let’s take a closer look at the latest real estate statistics in Edmonton. This past week, the market has shown some interesting dynamics, reflecting a balanced landscape between buyers and sellers.
Unit Sales Remain Steady
For the week ending September 25, 2024, there were 571 unit sales across Edmonton. This figure remains consistent with the previous week, showing a 0% change. Despite the usual fluctuations we see throughout the year, the steadiness in sales is an encouraging sign for a stable market. Buyers and sellers seem to be finding common ground, and confidence in Edmonton’s housing market remains intact.
New Listings Experience a Decline
A notable shift this week is the drop in new listings. With 750 new properties hitting the market, we’re seeing a 10% decrease compared to the previous week. This reduction in new listings could mean less competition for current sellers, potentially creating more urgency among buyers to make quicker decisions. It’s also a signal that inventory may be tightening, which could have implications for price trends moving forward.
Prices on the Rise
The average price for properties in Edmonton this week climbed to $449,000, marking a 4% increase from the previous week. Meanwhile, the median price saw a smaller yet significant increase of 1%, reaching $420,000. These price hikes suggest growing demand amidst a declining supply of listings, a typical scenario that tends to push prices upward. For homeowners considering selling, this might be an opportune time to list, as the market conditions are trending favorably.
What Does This Mean for You?
For potential buyers, the steadiness in unit sales combined with increasing prices indicates that the market remains competitive. While fewer listings might make finding the perfect home a bit more challenging, staying informed and acting quickly when a property fits your needs can be key.
For sellers, fewer listings and rising prices can present an excellent opportunity to sell at a favorable price. If you’ve been contemplating putting your property on the market, these conditions could lead to quicker sales and more attractive offers.
As always, having a knowledgeable real estate professional by your side can make all the difference, whether you’re buying or selling in today’s evolving market.
Statistics provided by the Realtors Association of Alberta.
