No slump in Edmonton’s property market as numbers begin to cool.
Edmonton, September 3, 2024: There were a total of 2,591 residential unit sales in the Greater Edmonton Area (GEA) real estate market during August 2024, an 11.8% decrease from July 2024, but still 15.8% higher than August 2023. New residential listings amounted to 3,467, down 7.0% from July 2024, and up 7.7% higher from August 2023. Overall inventory in the GEA decreased 1.2% month-over-month and is tracking 13.8% lower than August 2023.
The total number of Detached unit sales was 1,468, a decrease of 14.1% over the previous month but showing an increase of 12.5% over the previous year. Semi-detached unit sales decreased 7.0% month-over-month and showed an increase of 18.8% year-over-year. Row/Townhouse unit sales decreased 3.5% compared to July 2024 and sold 19.2% more than August 2023. Apartment Condominium unit sales were still 22.6% higher than the previous year but were down 14.5% from July 2024.
Total residential average prices came in at $435,094, a 1.2% decrease from July 2024, and a 9.1% increase from August 2023. Detached homes averaged $546,101, decreasing 1.1% from July 2024 and up from the previous year by 10.2%. Semi-detached units sold for an average of $414,526, increasing 1.9% from the previous month, and up 10.9% year-over-year. Row/townhouse prices fell 0.5% from July 2024 but are sitting 14.7% higher than August 2023 with an average selling price of $290,569. Apartment Condominium average prices dropped slightly to $203,742, a 0.3% decrease over last month and coming in 5.1% higher than the previous year.
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $407,200, increasing 0.1% from July 2024, and up 7.6% from August 2023.
“The hot summer season is definitely at an end as we can see clearly from the month-over-month numbers,” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “But the yearly comparison is telling a different story. This year’s home prices have increased in double-digit percentages for most residential categories, and the market is definitely more active as the number of sales continues to be stronger as well.”
Detached homes averaged 35 days on the market, an increase of three days from July 2024. Semi-detached homes also recorded a three-day increase with 30 days on the market, and row/townhouses’ days on the market saw no change at 31 days. Apartment condominiums averaged 42 days on market, a decrease of one day. Overall, all residential listings averaged 35 days on the market, a month-over-month increase of 2 days and an 11-day decrease in comparison to August 2023.
