August 2024 Real Estate Statistics: Edmonton & Area
In the Greater Edmonton Area (GEA), the housing market has been experiencing some shifts. As of August 2024, there were 2,591 homes sold, which was an 11.8% drop from July 2024. However, this number was still an impressive 15.8% higher than the same time the previous year.
New listings in August amounted to 3,467, a 7% decrease from July, but 7.7% higher than the previous August. Additionally, the overall listing inventory* dropped by 1.2% from the previous month and was 13.8% lower than in August 2023.
*(Overall listing inventory refers to the total number of homes available for sale in a specific market at a given time. It includes all active listings, encompassing various property types, such as single-family homes, condominiums, and townhouses. This metric is crucial for assessing market conditions, as it helps buyers and sellers understand the supply side of the housing market. A higher overall listing inventory typically indicates a buyer's market, where supply exceeds demand, while a lower inventory suggests a seller's market, characterised by increased competition among buyers for limited available properties.)
In terms of different types of residences, detached homes saw 1,468 sales in August, a 14.1% decrease from July but a substantial 12.5% increase compared to the previous year. Semi-detached homes sold decreased by 7% from the previous month but increased by a whopping 18.8% from the previous year. Apartment condominium sales experienced a 14.5% dip from July but were still 22.6% higher than August of the previous year.
The average price for a residential property was $435,094 in August, 1.2% lower than in July but 9.1% higher than August of the previous year. For detached homes, the average price was $546,101, a slight decrease of 1.1% from July but a 10.2% increase from the previous year. Apartment condominiums witnessed a minor decrease in prices from the previous month but noted an increase of 5.1% compared to the previous year.
As for the time properties spent on the market, detached homes averaged 35 days, semi-detached homes 30 days, and apartment condominiums 42 days. Overall, all residential listings averaged 35 days on the market.
In a nutshell, while there has been some cooling in the Edmonton property market, the year-over-year performance continues to show a healthy and active market.
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