While the temperature in Edmonton is hotter than hot, the real estate market in Edmonton is experiencing a slight seasonal cooling as of July 2024. Here are the key highlights of the Edmonton real estate market:
Prices and Sales:
- The average selling price for homes in Edmonton in June 2024 was $439,000, reflecting a slight monthly decrease, but a 6.6% increase year-over-year. Detached homes averaged $539,468, while condos were at $211,583.
- There were 2,847 residential sales in June 2024, a 11.4% decrease from May, but a 10.0% increase compared to the previous year. This indicates a seasonal plateau, with prices stabilizing and inventory levels slightly higher than last year.
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Market Conditions:
- Edmonton remains a seller's market with a sales-to-new-listings ratio (SNLR) of 77%, indicating high demand relative to the number of new listings. This is up from 74% in May 2024 and reflects a robust market despite seasonal cooling.
- The benchmark price for single-family detached homes was $476,100 in June 2024, marking an 8.7% annual increase. Townhouse and apartment prices also saw significant annual increases of 13% and 11%, respectively.
Days on Market:
- On average, residential listings were on the market for 30 days in June 2024, a slight decrease from the previous month and a significant 11-day drop compared to June 2023. Detached homes averaged 29 days on the market, while condos remained at 42 days.
Future Outlook:
- The Edmonton housing market is expected to see continued price stability with potential growth in semi-detached and condo markets, which appear attractive to investors. The overall economic conditions, including inflation and mortgage rates, will play a crucial role in shaping the market dynamics in the coming months.
These trends suggest that while the Edmonton market has cooled slightly from the spring peak, it remains healthy and active with strong investor interest in various property types.
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