Welcome back to our blog! Today, we’re excited to bring you the latest updates on the Edmonton real estate market for May 2024. Join us as we dive into the key statistics and trends with Josh Tagg and Jay Lewis.

Introduction

It’s now June, and we have the statistics for the Edmonton area real estate sales from May. We’re well into spring, and there’s plenty to discuss. Let’s get started with an overview of the month.

Inventory and Sales Trends

One of the most important numbers we track is inventory. In the greater Edmonton area, inventory for May 2024 was 5,841. This is an increase from both April and March. Sales followed a similar trend, with 3,220 sales in May, also up from the previous months.

It’s important to note that there’s less than two months’ worth of inventory available. If no new inventory were to come on the market, it would only take about seven weeks for all current listings to sell. This indicates a very active market, which is great news for sellers but can be challenging for buyers.

Price Changes and Year-over-Year Growth

Now, let’s break down the changes in prices across different property types:

Detached Homes

Detached homes saw a month-over-month increase of 1.1%. While this might seem small, it’s quite significant when annualized, showing a 13% increase year-over-year. Overall, detached homes are up 6.4% year-over-year, a strong performance in the market.

Semi-Detached Homes

Semi-detached homes, including duplexes and non-condominium townhomes, saw an impressive 2.5% increase year-over-year and 10.8% growth overall. These numbers reflect strong demand in this segment.

Row Houses

Row houses experienced a slight dip of 1.3% in May, though they remain up 18% year-over-year. We’ll be monitoring this category closely to see if this decline is an outlier.

Apartments and Condos

Apartments and condos continued to perform well, with a 3.7% increase month-over-month and a 9.7% increase year-over-year. This segment shows good momentum as we move into June.

Median Prices

Here’s a look at the median prices for different property types in May:

• Detached Homes: $500,000 (up $5,000 from April, up $25,000 from March)
• Semi-Detached Homes: $410,000 (up $10,000 from April and March)
• Townhomes: $295,000 (down from $298,000 in April and $290,000 in March)
• Apartments: $192,000 (up from $185,000 in April and $186,000 in March)

These numbers show a dynamic market with some categories experiencing significant growth.

Conclusion

Thanks for reading our May 2024 Edmonton real estate market update. The market remains strong, with notable increases in both inventory and sales. While some segments like row houses saw a minor decline, the overall trend points to a healthy and active market.

If you’re looking for more specific information about a particular area or type of home, feel free to reach out to us. We publish these updates every week, so be sure to subscribe to our blog and hit the notification bell to stay informed.

Thank you for your continued support, and we look forward to bringing you more insights next time!