The real estate market is like a rollercoaster, and 2023 was no exception. With low inventory and shifting trends, homeowners and buyers alike experienced a dynamic year. In this blog post, we will take a closer look at the key metrics including: number of sales, neighbourhood statistics, price fluctuations, days on market, and inventory levels, to provide a comprehensive recap of the Leduc real estate landscape in 2023.
In 2023, a total of 742 homes were sold, reflecting a 12.2% decrease compared to the previous year's figure of 845 homes. A slow start to the spring market, brought peak sales in the months of May and June. Despite the dip in overall sales, the fall market remained robust, suggesting the market's resilience moving into 2024.
The newer, rapidly developing neighbourhoods on the outskits of the city saw the most sales, with average single family home priced in the $410,000-450,000 price range. The fastest moving areas were in the central area of the city with single family homes in a lower price range of $265,000-340,000.
Bridgeport is a market to watch with an abundance of sales, quick selling time frame, and a hot condo market.
In 2023, the average price for single family homes saw a modest increase of 1%, reaching $413,025 compared to $408,944 the previous year. The highest prices were recorded in April, while November marked the lowest point. We did not experience the same volatility in prices that was saw last summer.
Luxury single family neighbourhoods include: Windrose, followed by Meadowview Park & Lakeside Estates.
Economy single family neighourhoods include: North Telford, South Telford, & Central Business District.
The Hot Spot, for most sales, was Southfork.
Condos, experienced a plunge in 2023 with a 7.4% decrease in average prices. Contrary to the previous year, the lowest average price was recorded in August. The highest average price was in December, ending above the previous year's average, suggesting we are finally on the rebound.
Luxury condo neighbourhoods include: Blackstone, Lakeside Estates, & South Telford.
Economy condo neighourhoods include: Suntree, Central Business District, & Willow Park.
The Hot Spot, for most sales, was Bridgeport.
The average days on market for single family homes increased to 42 days (6 weeks), 5 days longer the previous year. Single family homes sold the fastest in May-July, with an average of 5 to 5.5 weeks on the market. On the other hand, condos experienced an average of 50 days (7+ weeks) on the market, 1 week longer than the previous year. Notably, the slowest months for both single family & condos were January & February.
Since February, the market has favored sellers, reaching its lowest sales-to-listing ratio in May with just 1.3 months of inventory, & ending the year with less than 100 active properties on the market. Throughout the year, the average inventory hovered around 2.5 months, indicating a persistent seller's market. This imbalance between supply and demand set the stage for an eventful year in real estate.
Many factors affect the real estate market making it difficult to predict what is coming next. Re/Max brokers & agents across Canada were asked to provide their regional insights and share their outlook for 2024. Here are some of the results for our region. To read the full report, visit: https://blog.remax.ca/canadian-housing-market-outlook/
The Jason Rustand Team was proud to serve Leduc & the Greater Edmonton area in 2023. We assisted buyers & sellers navigate through the triumphs & challenges, adapting to the evolving market conditions. We face 2024 with optimism & excitement! It will be interesting to see how these trends shape the Leduc real estate landscape in the coming years.