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## Edmonton Housing Market Update May 2024

### Mani & Rahul Bagga | The Bagga Team

Welcome to our latest Edmonton housing market update for May 2024! As your trusted real estate experts at The Bagga Team, we are excited to bring you the latest trends and insights.

**June 4, 2024, Edmonton** – The Greater Edmonton Area (GEA) real estate market has seen a vibrant May, with a total of 3,220 residential unit sales. This marks a significant rise of 3.3% over April 2024 and an impressive 18.9% increase from May 2023.

**New Listings and Inventory**

New residential listings reached 4,325 in May 2024, showing a 13.4% increase from April 2024 and 12.6% more than May 2023. Despite an overall inventory increase of 6.9% from April 2024, the numbers are still 17.1% lower than in May 2023.

**Sales Breakdown**

– **Detached Units:** 1,894 sales (+2.4% month-over-month, +12.5% year-over-year)
– **Semi-Detached Units:** Sales increased by 3.2% from April and 19.4% from last year.
– **Row/Townhouses:** Up by 6.1% from April 2024 and 21.2% from May 2023.
– **Apartment Condominiums:** A notable increase of 45.8% from May 2023 and 4.5% from the previous month.

**Average Prices**

– **Total Residential:** $441,350 (+2.2% from April, +5.0% from May 2023)
– **Detached Homes:** $546,390 (+3.0% from April, +6.8% year-over-year)
– **Semi-Detached Units:** $414,116 (+1.8% from April, +8.4% year-over-year)
– **Row/Townhouses:** $294,742 (steady from April, +16.2% from May 2023)
– **Apartment Condominiums:** $206,591 (+2.6% from last month, +6.9% from last year)

The MLS® Home Price Index (HPI) composite benchmark price in the GEA stands at $399,900, reflecting a 1.1% increase from April 2024 and a 6.1% rise from May 2023.

**Market Dynamics**

“We could be looking at the peak of our spring market right now, with 4,325 new listings having just hit the market,” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “It also appears that current interest rates haven’t put a dent in buying activity this year, with more than 500 additional sales closing this month compared to May 2023. We could potentially be in for an even busier June, as the next Bank of Canada interest rate announcement on June 5th might spark more activity in the market.”

**Days on Market**

– **Detached Homes:** 33 days (down 2 days from April)
– **Semi-Detached Homes:** 29 days (no change)
– **Row/Townhouses:** 27 days (down 6 days from April)
– **Apartment Condominiums:** 42 days (up 1 day from April)

Overall, residential listings averaged 33 days on the market, a decrease of 2 days month-over-month and 9 days year-over-year.

For personalized real estate insights or if you’re ready to explore the market, contact us at 780.431.5615 or visit [](

**Tags:** #yeg2024 #TheBaggaTeam2024 #TheBaggaTeam #MagnaTeam #EdmontonRealEstate2024 #GreaterEdmontonGrowth #ResidentialSalesRise #NewListingsSurge #HomePriceIndexEdmonton #MarketBalance2024 #RealEstateTrendsGEA #DetachedHomesDemand #PropertyMarketInsights #FastSellingHomesEdmonton #May2024

Stay tuned for more updates and market trends from The Bagga Team, your trusted real estate advisors in Edmonton!

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