Welcome to the Edmonton Home Team blog! In this post, we’ll be diving into the latest real estate statistics for Edmonton from June 2024. Our experts, Jay Lewis and Josh Tagg, provide a comprehensive analysis of the current market trends, highlighting the increase in inventory and the notable decrease in sales.
June 2024 Real Estate Statistics
June 2024 has shown some interesting developments in the Edmonton real estate market:
- Inventory: Inventory has risen to 5,950 units, up from 5,840 in May.
- Sales: Sales have decreased by 11.4% from May, with a total of 2,847 sales in June.
- Detached Homes: Prices have slightly decreased month-over-month but remain up year-over-year.
- Semi-Detached Homes: Minimal changes month-over-month, but significant year-over-year growth.
- Row Houses: A slight month-over-month decrease, yet a substantial year-over-year increase.
- Apartment Condos: Prices are up month-over-month and show a strong year-over-year increase.
Market Analysis
Jay and Josh discuss whether the current trends indicate a temporary summer slump or a more prolonged trend. The rising inventory could be attributed to an influx of new construction listings that are not yet ready for buyers, or it could signify a broader market slowdown.
The sales slowdown, coupled with a decrease in the median price of detached homes, suggests that while there is a healthy interest in the market, buyers are becoming more selective. This is especially true for resale homes, which are selling faster than new constructions.
Price Trends
Despite the recent slowdown, the year-over-year data shows a strong upward trend in prices across all categories:
- Detached Homes: Up 7.6% year-over-year.
- Semi-Detached Homes: Up 9% year-over-year.
- Row Houses: Up 15.7% year-over-year.
- Apartment Condos: Up 11.4% year-over-year.
Video Analysis
For a more detailed analysis, watch our latest video where Jay Lewis and Josh Tagg break down the June 2024 real estate stats for Edmonton:
Conclusion
Overall, while there is a noticeable slowdown in sales and a slight dip in prices, the Edmonton real estate market remains robust with significant year-over-year gains. Stay tuned to the Edmonton Home Team for more updates and expert analysis.
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