Edmonton’s Housing Supply Tightens as Number of Sales Sees Late Summer Rebound
Edmonton, August 2, 2024: There were a total of 2,941 residential unit sales in the Greater Edmonton Area (GEA) real estate market during July 2024, a 3.5% increase from June 2024, and 27.1% higher than July 2023. New residential listings amounted to 3,729, up 2.9% from June 2024, and 13.2% higher than July 2023. Overall inventory in the GEA decreased 1.4% from June 2024 and is tracking 15.1% lower than July 2023.
The total number of Detached unit sales was 1,708, an increase of 2.8% over the previous month, and 23.5% higher than the previous year. Semi-detached unit sales decreased 6.6% month-over-month and showed an increase of 13.0% year-over-year. Row/Townhouse unit sales increased 4.7% compared to June 2024 and sold 52.0% more than July 2023. Apartment Condominium unit sales were still 32.3% higher than the previous year and 11.7% higher than June 2024.
Total residential average prices came in at $440,466, a 0.4% increase from June 2024, and a 7.7% increase from July 2023. Detached homes averaged $552,031, increasing 2.3% from June 2024 and up from the previous year by 9.8%. Semi-detached units sold for an average of $406,906, decreasing 3.6% from the previous month, and up 7.4% year-over-year. Row/townhouse prices rose 0.7% from June 2024 and 10.6% from July 2023, selling at an average of $292,072. Apartment Condominium average prices hit $204,315, decreasing 3.4% over last month and coming in 4.9% higher than the previous year.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $406,600, decreasing 0.4% from June 2024, and up 7.1% from July 2023.
“July’s heatwave didn’t stop home buyers from making the most of the market this month.” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “The number of sales saw an unexpected bump considering things normally start to taper off after May and June have passed, while the added competition doesn’t seem to have impacted home prices just yet. The lower inventory available is something to keep an eye on, as we’ve seen the effects too little supply has had on prices in other markets.”
Detached homes averaged 32 days on the market, an increase of three days from June 2024. Semi-detached homes recorded a one-day decrease with 27 days on the market, and row/townhouses’ days on the market increased six days to 31. Apartment condominiums average days on market increased one day to 43. Overall, all residential listings averaged 33 days on the market, a month-over-month increase of 3 days and a 12-day decrease in comparison to July 2023.