June 2024 Edmonton Area Real Estate Market Update

Another busy month in the books! It is almost officially summer, and I’m looking forward to not bringing a raincoat every time I need to show a home. 

May was another busy and eventful month in Edmonton we had increasing sales and listings come to market from last month however it is important to note that the momentum and month-over-month have slowed slightly over the last couple of months. We still saw strong growth from this time last year with nearly 20% more sales in May 2024 than in May 2023, and almost 75% of all listings that came to market sold this month! A strong seller’s market! 

Homes values still posted another increase this month, but again the month-over-month gain wasn’t as strong as we had seen the last couple of months with just a 0.7% increase from last month. Everything has seen a bump up in prices except for row/townhomes which fell by 1.3% in May, however, they are leading the year-over-year growth still at 18%. 

Homes are also selling much quicker in May than they were in April or earlier in the year, and more than 21% quicker than last year. With most homes taking just a couple of days more than a month to sell, there are still many multiple offer scenarios throughout the city for highly desirable price points or highly desirable neighbourhoods even with homes into the $800s and higher competing in 4 offers or more. 

The good news is that we are still bringing more listings to market than sales are happening. As I have been saying all spring, this needs to remain this way to keep some feeling of control of our spring market. If no more homes were to come on the market after today, we would sell everything in about 1 month and 25 days at our current pace which is typically not a lot of inventory for the amount of sales we have as a healthy market would be 3-6 months. 

So buyers and sellers, where could this next month go? Now that we have the new announcement this morning that the Bank of Canada has lowered rates by 0.25%, this move is cited to jolt the slow housing markets. However with an already hot market in Edmonton, I think we will see continued demand throughout the first half of the summer as I think we would see everyone who has been waiting for a change in rates before making a move jump into the market and only keep the demand high throughout the summer. Even though the difference between a no rate decrease and a rate decrease is minimal, as we have seen time and time again, the perceived effect drives demand more than the effect. 

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