Low inventory is setting the stage for a continued seller’s market in Edmonton, as December sales show significant year-over-year growth despite the usual seasonal slowdown, according to the latest report from the Realtors Association of Edmonton.
In December, 1,428 residential sales were reported in the Greater Edmonton Area (GEA), a 25.4% decline from the previous month but a 17.2% increase compared to December 2023.
Apartment sales showed the largest annual price growth, rising 19.8% from last year, while semi-detached home prices climbed 12.3%, and row/townhouse prices also increased 12.3% year over year.
Detached homes made up the majority of sales, with 826 units sold, which was 27.2% lower than in November but still 18.8% higher than last year.
Realtors Association of Edmonton
New listings hit 1,367, down 33.3% from November and 7.3% from December 2023. Overall, inventory in Edmonton decreased 22.5% month-over-month and 24.6% year-over-year.
Residential listings spent an average of 44 days on the market, eight days fewer than in December 2023.
“It’s no surprise that we saw a decrease in the number of total residential new listings and unit sales month-over-month,” said Realtors Association of Edmonton board chair Melanie Boles.
“Despite this typical cooling off period of the market, we’re still feeling encouraged about the year ahead as average prices and unit sales were still ahead from this time last year.”
The average residential price was $435,549, unchanged from November but up 12.2% from December 2023. Detached homes averaged $540,232, steady from the previous month and 10.6% higher year-over-year.
Semi-detached homes sold for an average of $408,823, up 1.6% from November and 12.3% from last year, while row/townhouses averaged $292,640, a 1.4% monthly increase.
Apartments averaged $203,920, rising 1.8% from November and 19.8% higher than in December 2023.
The MLS Home Price Index composite benchmark for the GEA was $403,900, up 0.4% from November and 7.8% annually.