Edmonton's March 2024 Market Stats

If you’re a homeowner in Edmonton or planning to become one, I’m going to be sharing an update on the latest market stats from March 2024 for single-family homes.. Make sure you read to the end so that you can take advantage of some hidden opportunities whether you’re thinking about buying or selling. 

High-Level Market Overview

In March there were 1.27 months of supply available in Edmonton, which believe it or not, keeps things pretty firmly in a seller’s market.. What does that mean? Months of supply tells you how many months it would take for all of the homes currently on the market to sell, given the average sales volume. 4-6 months of inventory indicates a more balanced market, less than 4 months means there’s not a lot of inventory available which can drive price up. More than 6 months of supply means there are lots of homes available for buyers to choose which can drive prices down. 

Average Price

The average price for a home in Edmonton is $491,011. That average price is up from $469,382 from this time last year, and up $5,134 from last month. As we head into the spring market we could see prices increasing. In January and February if a home was priced right we were seeing more multiple offers on these houses. As a buyer, you need to prepare yourself when in a seller's market when looking for a home you may end up in a bidding war with other buyers. 

List to Sale Price Ratio

Moving along, the average list-to-sale price ratio was 99.3% in March. That simply means that homes were selling for 99.3% of list price. So just underasking. That’s up from 98.6% last month and up from 97.6% vs last year. It will be interesting to see how the spring market will affect the selling price for a home. 

Days on Market

Now you might be wondering how long it’s taking to sell a home? it took 38 days to sell a home here in Edmonton. it is up from last month where it took 46 days on average, up from last year where it took 48 days. So just know that if you’re planning to sell your home it’s going to take a shorter time than it has in the past. Once again, time will tell if this is market-driven or just seasonally driven

Interest Rates

Ok if you’re thinking about buying real estate shortly, a 5-year fixed rate is 4.99% with less than 20% down. Make sure to contact your lender to discuss rate options that will work for you.

Market Trends Insight

In summary, when you look at March market stats, it lookslike things are going to stay in a seller's market as we are in the spring market.. What does this mean, buyers could be competing with other buyers and having to pay more than the list price for a home.  Buyers may also see home sellers not being as flexible with items that may need to be fixed in the home, as other buyers competing to buy the home. As a seller, if your home is priced right and in good condition you may see multiple offers on your home and you may receive offers offering more than the list price.

So the bottom line is that whether you’re buying or selling, your situation is unique and a general market update should be taken with a grain of salt. If you want know what the homes are selling for in your neighbourhood or you’re thinking of buying you can send me an email.. I’ll always give you the straight goods so that you’re informed to make the best decision that’s right for you, based on your personal situation. 

Otherwise, feel free to check out my other videos and I’ll be back next month with another market update.