July 2024 Market Update

July 2024 Market Update

Looking for Edmonton real estate? Here's an easy-to-understand summary of Edmonton's housing market as of August 2, 2024. The Greater Edmonton Area (GEA) witnessed a total of 2,941 residential unit sales, a jump by 3.5% from previous month and a remarkable 27.1% from July 2023! That's a lot of Edmonton homes for sale.

New MLS listings in the GEA were 3,729, a 2.9% rise from June 2024 and a hefty 13.2% from July 2023. Yet, the overall housing inventory decreased by 1.4% since June and was 15.1% lower than in July 2023.

Breaking down the types of units sold, detached homes had a sales figure of 1,708, an increase by 2.8% from June 2024 and it was also 23.5% higher than in July 2023. The semi-detached and row/townhouse units also witnessed a noticeable increase of 13.0% and 52.0% from last year respectively. Apartment Condominium unit sales remained impressively 32.3% higher than last year.

Average residential prices in July stood at around $440,466, an increment of 0.4% from June and a 7.7% increase from July 2023.

Average prices of:

• detached: $552,031
• semi-detached:$406,906
• row/townhouse: $292,072 and
• apartment condominiums: $204,315

The MLS Home Price Index (HPI) benchmark price was at $406,600, a marginal decrease of 0.4% from June but a rise of 7.1% compared to July 2023.

Despite the usual pattern of market slowdown after May and June, Edmonton's housing market saw an unexpected boost in sales in July. However, the lower inventory could potentially impact prices in the future.

In terms of time spent on the market, detached homes averaged 32 days, semi-detached homes recorded 27 days, row/townhouses took 31 days and apartment condominiums remained on the market for 43 days on average. Overall, residential listings took an average of 33 days to sell, which was a 12-day decrease compared to July 2023.