Belgravia Homes & Real Estate Update Feb 2024

Belgravia, a quaint and highly sought-after community in Edmonton, presents a unique real estate landscape as of February 2024. Our comprehensive market analysis, based on the latest statistics, provides an invaluable guide for those looking to navigate the Belgravia housing market. Whether buying or selling, understanding the current market trends is essential, and with Gurpreet Ghatehora's Real Estate Team, your dream home in Belgravia is within reach.

Market Status:

A Diverse Picture in Belgravia As we dissect the market status for various property types in Belgravia, we see an interesting distribution. Total Residential properties show an 8% listing absorption rate, favoring sellers slightly, suggesting a modest level of competition in the market. Conversely, Detached homes register a 0% absorption rate, indicating a potential buyer's market with more room for negotiation. Apartment Condominiums are more active with a 13% absorption rate, leaning towards a balanced market.

Benchmark Price Analysis:

The benchmark price for both Total Residential and Apartment Condominiums in Belgravia stands at $300,000 as of February 2024. This reflects a market that is adjusting, with a 9.52% month-to-month decrease for Total Residential and a steeper 24.37% decrease for Apartment Condominiums. Annually, prices have also seen a downturn, with Total Residential benchmark prices decreasing by 5.84% and Apartment Condominiums by 6.03% from the previous year. These adjustments provide opportunities for buyers to enter the market.

Active and Sold Listings:

Quantifying Demand Active and sold listings offer insight into the market’s vibrancy. Total Residential properties report 13 active and 1 sold listing, suggesting a slower market pace. Detached homes report 5 active listings with no recent sales, which may indicate a challenging environment for sellers. Apartment Condominiums tell a different story with 8 active and 1 sold listing, showcasing consistent interest in this segment.

Average Days on Market (ADOM):

Understanding Market Tempo The ADOM for both Total Residential and Apartment Condominium properties in Belgravia is 64 days. This demonstrates a market where properties are selling at a moderate pace, providing both sellers and buyers with enough time to make calculated decisions.

Conclusion:

Belgravia's real estate market in February 2024 displays a spectrum of opportunities and challenges. Understanding this complex environment requires expertise and nuanced market knowledge. With the Gurpreet Ghatehora Real Estate Team, recognized among the top 100 agents in Canada by Rankmyagent from 2021-2023, you gain access to unparalleled insights and guidance.

In a market that's as diverse as Belgravia, having the right support can make all the difference. Whether you're buying or selling, turn to the Gurpreet Ghatehora Real Estate Team at RE/MAX RIVER CITY for expert advice and assistance. Since 2007, we've been helping clients navigate Edmonton's real estate market to find their dream homes. Contact us at 780-951-6530 or visit Edmontonhomesonsale.com. With us, your dream home is just a call away.