Hello, everyone!
The Edmonton real estate market for July 2024 has delivered some intriguing developments. Despite the typical summer slowdown, the market is heating up in unexpected ways. Here’s a detailed look at what’s been happening:
Key Highlights
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Sales Surge:
- Year-Over-Year Sales: There were 2,941 sales this July, marking a 27.1% increase from last year.
- Month-Over-Month Sales: Interestingly, July saw more sales compared to June, which is unusual as we typically experience a slowdown in July and August.
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Listings and Inventory:
- Listings: We saw a 13.2% increase in new listings, which has helped balance the supply-demand equation somewhat.
- Inventory: The current inventory is just under two months, making it a strong seller’s market. For context, a balanced market usually has around five months of inventory.
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Market Dynamics for Buyers and Sellers:
- Sellers: It’s a great time for sellers, with high demand and competitive offers. However, the market isn’t as frenzied as it was in the spring, offering a slightly more relaxed experience for buyers.
- Buyers: While the competition is still significant, there are opportunities, especially for well-priced properties that might not be selling as quickly as expected.
Price Trends
- Total Residential Sales: The average sale price reached just over $440,000, reflecting a 7.7% increase year-over-year.
- Single-Family Detached Homes: The average price for these homes is $552,000, up 9.8% from last year. The increase is partly due to a rise in luxury home sales, with a 51% increase in million-dollar sales from last year.
- Condos: The average sale price for condos increased by almost 5% year-over-year, with 496 sales in July. Condos remain affordable compared to other market segments and are still generally selling below replacement value.
- Duplexes and Row Houses: Sales surged by 52% year-over-year, with an average price of $292,072 which is a 10% increase.
The Edmonton real estate market shows continued strength with healthy increases across various segments. While sellers are benefitting from high demand, buyers still have opportunities, particularly for well-positioned properties. We anticipate similar trends in the upcoming month, with a balanced approach that includes both challenges and opportunities.
Stay tuned for more updates next month!