July 2024 Edmonton Area Real Estate Market Update

Now that we are officially halfway through the year, we have seen a steady increase in activity in the Edmonton market over the last six months. But can it hold on for another six months?

While we have seen moderate increases across the board in Edmonton since last year, June was the first month this year to start seeing activity slow. We observed a slight and equal reduction in both the number of homes coming to market and the number of homes eventually selling, with roughly an 11%-12% pullback. This caused the number of active homes on the market to slowly increase between months.

Prices also saw an interesting change in June. While prices either fell slightly or remained flat, apartment condominiums were the only category to see an actual median price rise of 1.6% in June, now bringing it to the second-largest year-over-year increase at 11.4%. Townhomes remain the leader in annual price growth at 15.7%.

Amid slowing activity and relatively flat prices, homes are still selling quicker than ever. The average home is selling in exactly 30 days, and in some cases, like townhomes, averaging merely 25 days on the market. We can still feel the pressure in this market, but both buyers and sellers who approached their transactions this month with realistic expectations saw the most success. This includes writing appropriate offers, either inside or outside of competition, or listing their homes at an average and fair value based on location and comparatives.

Moving forward, July and August will likely see either a continuation of a slight pullback as many go on summer holidays or remain flat without much change, with hopefully a boost in early fall. It is unlikely, with an inflection point such as June, that Edmonton will experience an uncontrolled bull run with month-over-month gains regardless of the annual norms. Instead, it is expected to follow similar trends as previous years.

If you want to know how to take advantage of selling in this market, reach out to me for a free home evaluation, and I am happy to walk you through selling this spring and summer. https://lorenzgroup.ca/evaluation

If you want to know how to best position yourself in this buying market, reach out for a free buying consultation and I am happy to come up with a game plan for you this year. https://lorenzgroup.ca/contact