As the cooler weather of autumn arrived in September, so did the Greater Edmonton Area’s (GEA) housing market cool after a heated summer of home sales. According to the statistics package from the Realtors Association of Edmonton (RAE) released on Tuesday, there were 2,256 home sales in September, a 12.6% decrease from August but still 10% higher than sales in September 2023. The aggregate average sales price in September was $440,366, a 1.2% increase from August 2024, and up 11.7% from September 2023. The MLS Home Price Index composite benchmark price in the GEA came in at $406,400, down a slight 0.2% from August 2024, and up 7.6% from September 2023. Of the total sales, 1,299 were single-family homes, a decrease of 11.1% from August and 8.2% higher than September 2023. The average single-family sales price was $552,684, up 1.3% from August and an 11.9% increase from September last year. RAE says semi-detached home sales dropped 15.8% month-over-month and increased 12.9% year-over-year. The average semi-detached home sales price was $413,252, down 0.3% from August and up 16.8% year-over-year. Row/Townhouse sales decreased 15.4% compared to August 2024 and up 25.9% from September 2023. The average selling price was $292,875 a 0.7% increase from August and up 9.6% from September 2023. Apartment condominium sales came in 2.2% higher than last year but a drop of 12.6% from August, selling at an average of $199,564, a 9.6% increase from September 2023. New listings in the GEA reached 3,215 in September, down 4.6% from August and up 6.4% year-over-year, with overall inventory down 1.7%, month-over-month and down 12.1% from September 2023. Single-family homes averaged 37 days on the market, an increase of two days from August, with semi-detached homes recording no change at 30 days on the market, with row/townhomes’ days on the market rising from 30 to 36 days. Apartment condominiums averaged 48 days on market, a marked increase of seven days. Overall, all residential listings averaged 38 days on the market, a month-over-month increase of three days and a six-day decrease from September 2023. “As the nights get longer, so do the days on market in real estate,” says Realtors Association of Edmonton 2024 Board Chair Melanie Boles. “Not even cuts to interest rates can keep our market going at the hectic pace it’s been at this summer. We’re now seeing the usual slowdown, but also the continuation of elevation in home prices due to competition over lower inventory.”
