Courtesy of Justin Iyizoba

Edmonton’s Housing Supply Tightens as Number of Sales Sees Late Summer Rebound

$204,315 apt./ condo UP 4.9% year-to-year

$552,031 detached UP 9.8% year-to-year

AVERAGE SALE PRICES

$292,072 row/ townhouse UP 10.6% year-to-year

3,729 NEW LISTINGS 2,941 SOLD LISTINGS

detached 2,177 695 detached 1,708 496

apt./ condo

apt./ condo

2.0 MONTHS OF INVENTORY

5,866 ACTIVE LISTINGS

79.0% SALES TO NEW LISTING RATIO

33 DAYS ON MARKET

Edmonton, August 2, 2024: There were a total of 2,941 residential unit sales in the Greater Edmonton Area (GEA) real estate market during July 2024. New residential listings amounted to 3,729. Total residential average prices came in at $440,466, a 0.4% increase from June 2024. Detached homes averaged $552,031, increasing 2.3% from June 2024. Semi-detached units sold for an average of $406,906, decreasing 3.6% from the previous month. Row/townhouse prices rose 0.7% from June 2024, selling at an average of $292,072. Apartment Condominium average prices hit $204,315, decreasing 3.4% over last month.

“July’s heatwave didn’t stop home buyers from making the most of the market this month,” says REALTORS ® Association of Edmonton 2024 Board Chair Melanie Boles. “The number of sales saw an unexpected bump considering things normally start to taper off after May and June have passed, while the added competition doesn’t seem to have impacted home prices just yet. The lower inventory available is something to keep an eye on, as we’ve seen the effects too little supply has had on prices in other markets.” Overall, all residential listings averaged 30 days on the market. Statistics reflect market activity in July 2024 | Source: REALTORS ® Association of Edmonton | Market values stated are of the average of Edmonton and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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780-919-9328 www.edmontonrealestateexperts.com

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