Real Estate Market Report | Edmonton | July 2024
Red hot demand for the capital
The popularity of Edmonton continues as Alberta remains the most active market in the country. With more domestic migration and steady immigration, the provincial capital maintains steady growth.
We help provide home buyers and sellers with the data they need to be successful. When you have access to accurate and relevant data, you can be more confident in setting the price of your home and selling it or buying at the right price.
With many important factors to consider (what kind of home you have, what community etc.), it’s important to look specifically at what the housing market is doing in your neighbourhood.
Bōdesellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Edmonton real estate market as of July 2024?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Activity is currently beating 5-year historical averages
The Edmonton real estate market is experiencing some intriguing developments as of July 2024. New listings have seen a slight decrease of 5% compared to the last five years, indicating a modest reduction in the number of new properties coming onto the market. In contrast, sales have surged by 21%, reflecting a robust demand for homes. The overall inventory has dropped by 20%, tightening the market and making it more competitive for buyers. This is further evidenced by the months of supply, which has decreased by 29%, pointing towards a seller’s market with fewer homes available. The benchmark price for properties in Edmonton has increased to $392,700, highlighting the ongoing demand and limited supply.
Edmonton's Detached Homes
In the detached home segment, new listings have decreased slightly by 1%, indicating a stable yet slightly declining supply of new properties. Sales have increased by 7%, showing a healthy demand for detached homes. The benchmark price for detached homes has risen to $452,000, reflecting steady growth and high demand despite the minor reduction in new listings.
Edmonton's Apartments
The apartment segment presents a different picture. New listings have decreased significantly by 32%, indicating a substantial reduction in the supply of new apartment units. Sales have also declined by 17%, showing a parallel drop in demand. The benchmark price for apartments is $193,700, suggesting a more affordable option within the Edmonton market. Despite the lower activity, the segment remains vital for those seeking cost-effective urban living.
Edmonton's Attached Homes
The attached home segment is showing dynamic activity. New listings have increased by 8%, reflecting a rise in the supply of attached homes. Sales have surged by 29%, indicating a strong demand in this segment. The benchmark price for attached homes has climbed to $261,000, demonstrating continued price appreciation due to the increasing demand and steady supply.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
Want to Buy or Sell Your Home easily?
Welcome to Bōde
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Looking to buy? Bōde empowers buyers to purchase any Bōde property – for no charge.
With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
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What's Driving Edmonton’s Real Estate Market in July 2024
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