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As we move into the summer months of 2024, the Edmonton real estate market continues to present both opportunities and challenges for buyers and sellers. This comprehensive update covers the latest trends, average house prices, and key insights to help you navigate the current landscape effectively.
Housing Market Overview
In June 2024, the Greater Edmonton Area (GEA) real estate market experienced notable activity:
Residential Unit Sales: 2,847, an 11.4% decrease from May 2024 but a 10.0% increase from June 2023.
New Residential Listings: 3,712, a 14.2% drop from May 2024 and 2.6% higher than June 2023.
Overall Inventory: Increased by 1.9% from May 2024 but remains 15.9% lower than June 2023.
Edmonton Home Prices: A Detailed Breakdown
Here’s a closer look at the average house prices in Edmonton by property type:
Single-Family Detached Homes:
Average price: $539,468
Year-over-year change: +7.9%
Month-over-month change: -1.3%
Semi-Detached Properties:
Average price: $422,321
Year-over-year change: +10.3%
Month-over-month change: +2.0%
Row/Townhouses:
Average price: $290,249
Year-over-year change: +12.7%
Month-over-month change: -1.5%
Apartment Condominiums:
Average price: $211,583
Year-over-year change: +8.5%
Month-over-month change: +2.3%
The data shows a consistent price increase across all property types, with semi-detached and condo markets attracting investor interest.
MLS® Home Price Index (HPI)
The MLS® Home Price Index (HPI) composite benchmark price in the GEA reached $408,200, reflecting a 2.1% increase from May 2024 and a 7.0% rise from June 2023.
Days on Market (DOM)
Understanding how long properties typically stay on the market can help you make informed decisions:
Detached Single-family homes: 29 days (4 days less than May 2024)
Semi-detached homes: 28 days (1 day less than May 2024)
Row/townhouses: 25 days (2 days less than May 2024)
Apartment condominiums: 42 days (unchanged)
Overall, residential listings averaged 30 days on the market, a 3-day decrease from May 2024 and an 11-day decrease from June 2023.
For Sellers:
Price Your Home Competitively: Attract more potential buyers and increase the chance of multiple offers.
Understand Selling Costs: Be aware of the costs involved in selling your home in Alberta.
Professional Staging and Photography: Enhance your listing to stand out in a competitive market.
Conclusion
June 2024 demonstrates the resilience of the Edmonton real estate market, with steady price growth across all property types. Despite a decline in new listings, the year-over-year increase in sales indicates ongoing demand. Buyers should prepare for potential competition, especially in popular neighborhoods or for in-demand properties like townhomes.
For more detailed and customized insights, feel free to reach out to Caitlin Heine of Iconic YEG. As the owner of Iconic YEG Real Estate Team and a 2023 RE/MAX Titan Club Recipient, Caitlin brings unparalleled expertise and dedication to every client, ensuring your real estate journey in Edmonton is smooth and successful.