Introduction
Welcome to the latest market update for the Greater Edmonton Area, provided by www.manibagga.com. In this blog, we delve into the real estate trends of June 2024, discussing sales, listings, and price fluctuations to give you a comprehensive overview of the current market landscape.
Edmonton Real Estate Performance: June 2024
June 2024 saw a dynamic shift in the Edmonton real estate market with a total of 2,847 homes sold. Although this number represents an 11.4% decrease compared to May 2024, it marks a 10% increase from June last year, illustrating a significant year-over-year growth. This indicates a resilient market that, despite monthly fluctuations, continues to attract buyers and investors.
The market introduced 3,712 new listings in June, showing a slight decrease from May but an increase compared to the same period last year. This suggests that while there might be monthly variances, the overall listing activity remains strong, reflecting ongoing seller confidence.
Market Inventory and Pricing Dynamics
As of June 2024, the total inventory slightly rose by 1.9% from the previous month. However, it’s important to note that it’s still 15.9% lower than in June 2023, pointing to a tighter market that could potentially drive prices upward due to lower availability.
The average residential property price was recorded at $438,973, showing a modest decrease from May but a notable 6.6% increase from June last year. This growth in average prices is a positive sign for investors and homeowners, indicating a strengthening market value.
Detailed Property Type Analysis
Detached Homes: The average price stood at $539,468. Despite a monthly price dip, the annual comparison shows a healthy increase, suggesting strong market conditions for detached homes.
Semi-Detached Homes: Priced at an average of $422,321, these properties saw a price increase both monthly and annually, highlighting their growing popularity.
Row Houses: At an average price of $290,249, row houses experienced a slight monthly price decrease but an impressive annual rise, appealing to a broad range of buyers.
Condominiums: With an average price of $211,583, condominiums showed resilience with price increases over the month and year, demonstrating sustained demand in this segment.
Days on Market
The market efficiency is also reflected in how quickly homes are selling. Detached homes sold in an average of 29 days, semi-detached in 28 days, row houses in 25 days, and condominiums maintained a steady pace at 42 days. These figures are an improvement over the previous year, indicating a faster-moving market which is beneficial for both buyers and sellers.
Conclusion
The June 2024 Edmonton real estate market exhibits strong dynamics with healthy sales, consistent listings, and appreciating property values. Whether you’re looking to buy, sell, or invest, the current market offers valuable opportunities. For further insights and personalized advice, visit us at www.manibagga.com, where we help you navigate the complexities of the real estate market with ease and confidence.
Stay tuned for more updates and detailed market analyses to keep you informed and ahead in the Edmonton real estate market.