August 2024 has revealed notable trends in the Edmonton real estate market, showcasing signs of cooling alongside growth potential. Whether you’re a buyer, seller, or investor, staying informed about these shifts is essential. Here’s a comprehensive breakdown of the Edmonton housing market for August 2024.
Sales Activity
In August, the Greater Edmonton Area (GEA) recorded 2,591 residential sales, representing an 11.8% decline from July 2024 but showing a healthy 15.8% increase compared to August 2023. This fluctuation indicates a cooling market in terms of month-over-month activity but still showcases long-term growth potential.
- Detached Homes: Sales saw a drop of 14.1% compared to July 2024 but experienced a 12.5% year-over-year increase.
- Semi-Detached Homes: Sales were down 7.0% month-over-month.
- Row/Townhouses: These properties saw a slight decline of 3.5% from July.
- Apartment Condos: Sales were up 22.6% year-over-year, although they declined 14.5% from July.
The data reflects how different segments of the market are behaving, with detached homes and condos continuing to show growth when compared to 2023. Meanwhile, semi-detached homes and townhouses are experiencing slight reductions.
Listings and Inventory
In August 2024, the number of new listings reached 3,467, which is a 7.0% decrease from July but a 7.7% increase year-over-year. This means that while fewer homes were listed compared to last month, there are still more properties coming onto the market than during the same period last year.
The total inventory is down 1.2% from last month and a more significant 13.8% from last year. A tighter inventory can create competitive market conditions, which may help sellers but potentially pose challenges for buyers looking for more options.
Price Trends
The average residential price for August 2024 stood at $435,094, reflecting a 1.2% drop from July but a 9.1% year-over-year increase. This steady rise in average prices year-over-year shows the long-term value growth in the Edmonton housing market.
- Detached Homes: Averaged $546,101, slightly down from last month but still demonstrating solid value.
- Semi-Detached Homes: Came in at $414,526.
- Row/Townhouses: Averaged $290,569.
- Apartment Condos: Saw an average price of $203,742.
The MLS® HPI benchmark price for all residential properties was $407,200, showing a 0.1% increase from July and 7.6% year-over-year growth.
Time on Market
Homes in Edmonton averaged 35 days on the market. This is slightly longer compared to previous months, particularly for detached and semi-detached homes. Despite this, homes are still moving relatively quickly, reflecting the ongoing demand in the market.
Conclusion
August 2024 brings mixed signals for Edmonton’s housing market. While we’re seeing a month-over-month decline in sales, the long-term year-over-year growth highlights the sustained interest and value in the Edmonton real estate market. With inventory tightening and prices rising, both buyers and sellers need to stay on top of these trends to make informed decisions.
Whether you’re looking to buy, sell, or simply stay informed, our team at The Bagga Team is here to help. As the market continues to evolve, let us guide you through your real estate journey in Edmonton. Contact us today for expert advice and up-to-date information on the market!