Real Estate Market Report | Edmonton | August 2024
Strong Demand Fuels Price Growth
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.
Bōde sellers 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 August 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.
Overall Edmonton Market
The Edmonton market has seen an 8% increase in new listings over the five year average, indicating a rise in supply. Sales have surged by 39% compared to last year, showcasing strong demand. However, the inventory has decreased by 21%, which has driven a significant 39% reduction in months of supply. The benchmark price across all residential properties is $401,100, reflecting steady price growth as demand outpaces supply.
Edmonton's Detached Homes
The detached home market in Edmonton remains robust, with new listings up 13% against the five year average. Sales have increased by 23%, reflecting solid buyer interest. Despite this, the inventory remains constrained, leading to upward pressure on prices, with the benchmark price for detached homes now at $462,100.
Edmonton's Apartments
The apartment market presents a different story. New listings are down by 24%, which contrasts with a modest 1% increase in sales over the five year average. This segment has seen limited price movement, with the benchmark price at $198,300, indicating a relatively balanced market with subdued demand compared to other property types.
Edmonton's Attached Homes
The attached home market is particularly dynamic, with a 32% increase in new listings and a substantial 41% rise in sales during the five year average. This surge in demand has pushed the benchmark price up to $268,300, reflecting the growing popularity of attached homes as a more affordable option compared to detached homes.
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?
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