February 2024: A Market on the Rise - Sales Soar 52% in Greater Edmonton Real Estate

In February 2024, the Greater Edmonton real estate market experienced significant growth, hinting at an optimistic future for homeowners and investors. Sales soared by an impressive 52% compared to the previous year, totalling 1,966 transactions. Demand remained strong, leading to a decrease in inventory levels by 15% compared to the same period last year, with 4,802 listings at month-end. Despite a 7% increase in new listings, the market's competitive nature kept inventory well below normal levels.

This surge in sales activity can be attributed, in part, to the ongoing population growth in Alberta. As the population continues to rise, rental rates have increased, further motivating individuals to transition from renting to homeownership. This trend has fueled the demand for properties in the Greater Edmonton Area.

As we navigate the ever-changing landscape of real estate, the data and insights from February 2024 offer a roadmap for informed decision-making. The strong sales figures and constrained inventory levels serve as indicators of a competitive marketplace. Most homes are selling quickly with multiple offers, making it a very competitive environment for buyers. With less than 3 months' supply, the market solidly favours sellers, and buyers need to be prepared to act quickly if they are serious about buying a home. Seeking guidance from an experienced agent familiar with the property type and area of interest is a wise decision. 

City of Edmonton Stats