Real Estate Market Report | Edmonton | June 2024
The surge is on in Edmonton
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 June 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 housing market has been quite active recently! Over the past five years, we’ve seen a 7% rise in listings and a significant 41% jump in sales. Inventory has dropped by 18%, and the months of supply have decreased by 45%. On the pricing front, there’s been a steady 1% increase month over month and a solid 5% rise compared to last year. These trends indicate a dynamic and competitive market.
Edmonton's Detached Homes
Detached homes in Edmonton have experienced some exciting changes over the past five Mays. Listings are up by 8% and sales have surged by 20%. Prices have also shown positive growth, with a 1% increase month over month and a substantial 17% rise compared to last year. These figures highlight a strong and vibrant market for detached homes.
Edmonton's Apartments
The apartment market in Edmonton is buzzing with activity! Over the past five Mays, listings have surged by 25%, and sales have jumped by 12%. Prices are also on the rise, with a steady 1% increase month-over-month and an impressive 7% year-over-year. It’s an exciting time for the Edmonton apartment scene!
Edmonton's Attached Homes
The market for attached homes in Edmonton is really heating up! Over the past five Mays, we’ve seen a 28% increase in listings and a remarkable 34% jump in sales. Prices have been climbing too, with a 1% increase month over month and a solid 10% rise year over year. It’s an exciting time for anyone involved in Edmonton’s attached home market!
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
Bōde has created a marketplace to allow you to get transparent home data, set your price, and list your home on MLS (and 1000+ more sites). We will advertise your home and walk you through the whole sale process for 1% up to a maximum of $10K, only when the home sells.
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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