The Edmonton real estate market has been nothing short of dynamic in recent months. September 2023 shows impressive statistics that underline the city's enduring appeal. Sales in the Edmonton area surged significantly, showcasing a remarkable 31% increase over the previous September. A standout trend was the strong demand for apartment and townhouse-style condos as buyers sought affordable housing options in response to the region's increasingly competitive rental market.
One key factor fueling this surge in demand is Alberta's record-setting population growth. As more individuals and families choose to call Alberta home, the need for housing has spiked, particularly in cities like Edmonton. Consequently, this influx of newcomers has led to a robust seller's market, with some properties receiving swift attention and multiple offers.
Despite the surge in demand, the real estate market has faced challenges tied to inventory. New listings in September were on par with figures from previous years, but with the increased demand, the available inventory dropped 15% below last year's levels.
In terms of pricing, the benchmark price for single-family homes remained remarkably stable, with only a slight increase of 0.4% compared to last year, resulting in an average price of $443,300. Townhouses saw a more substantial increase, climbing by 2% to reach an average price of $233,600, while apartment condos experienced a modest uptick of 0.6% to $177,300. Interestingly, the current environment of higher interest rates has acted as a stabilizing force on prices, preventing the rapid increase typically associated with such a strong seller's market. With just 3.2 months' supply of listings, many buyers are leaning towards smaller and more affordable homes, adapting to the evolving landscape of Edmonton's real estate market.
City of Edmonton Stats
Posted by Liv Real Estate on