Edmonton Real Estate Market update | February 2024
Welcome to the February 2024 Edmonton real estate market update with Dwight Streu, a trusted realtor in Edmonton, Alberta. Dwight shares the latest sales figures and inventory trends that have been observed in the last month in Edmonton.
He highlights that sales were surprisingly strong in January, with 1439 sales, up 32% from January 2023. The inventory trend continues to shrink as the end of January recorded 4547 properties for sale, down 12% over 2023. Dwight believes that shrinking inventories and strong sales are good signs for property owners as they can expect price increases in the coming months.
He also discusses the price changes observed in January, where detached homes are up 7.3%, semi-detached up 6.6%, and apartment condos are up 1.1%. Dwight is surprised by the low price increase in apartment condos, despite strong sales. ( See Detailed Stats below)
He attributes the strong sales to people migrating from Ontario and British Columbia due to unaffordable prices there. However, he advises viewers to have realistic expectations as they hear home prices in Alberta are affordable, but not as cheap as they may have heard. Dwight expects that the strong market will continue this year, with price increases similar to last year, if not higher.
Stay tuned for the next month's update to know what happened in February.
If you're interested in how these market trends relate to your real estate goals, our team would love to answer your questions. Call us today at 780-462-5002 or fill out the form below to get in touch with us!