Welcome back to our monthly real estate market update for the City of Edmonton and the surrounding area. In this post, we’ll dive into the latest statistics and trends for July 2024. Josh Tagg and Jay Lewis bring you the most up-to-date information on inventory, sales, and price movements in the Edmonton real estate market.

Inventory Levels

As of July 2024, the inventory for Greater Edmonton stands at 5,866 units. This is a slight decrease from June’s 5,960 units but remains higher than May’s figures. Jay Lewis points out that this number will be crucial to watch as we move into August. Historically, inventory levels tend to fluctuate, and it’s essential to understand what this means for buyers and sellers.

Sales Figures

Sales have seen a notable increase, with 2,941 units sold in July compared to 2,847 in June. This uptick is a positive sign, indicating a resurgence in buyer activity after a typical summer slowdown. Jay notes that it’s common to see a dip in activity in June and July, followed by a surge in August as families prepare for the back-to-school season.

Interest Rates and Market Impact

Josh Tagg highlights the influence of the Bank of Canada’s interest rate policies on the real estate market. With anticipated rate cuts in the coming weeks, there is an expectation of increased market activity. Lower interest rates make borrowing more affordable, potentially fueling further growth in the housing market.

Property Type Performance

Let’s break down the performance of different property types:

• Detached Homes: The only category showing positive growth month-over-month, with a 1% increase. Year-over-year, detached homes are up by 9.5%.
• 
• Semi-Detached Homes: Slightly down by 1.2% month-over-month but up by 9.5% year-over-year.
• 
• Row Houses: Decreased by 1.7% month-over-month but up by 9% year-over-year.
• 
• Apartment Condos: Down by 1.8% month-over-month but showing a 10% increase year-over-year.
• 

These figures suggest that while there are minor monthly fluctuations, the overall annual trend is positive for most property types.

Days on Market

Another critical metric to consider is the average days on market. For detached homes, the average increased slightly from 29 days in June to 32 days in July. However, compared to July 2023, when the average was 44 days, properties are moving faster in 2024. This trend indicates a more dynamic market where homes are selling quicker than they did a year ago.

Price Trends

Price trends across different property types also provide valuable insights:

• Detached Homes: The average price in July 2024 is $500,000, up from $495,000 in June and comparable to May’s figures.
• Semi-Detached Homes: Prices have remained relatively stable, with a slight decrease from $410,000 in May to $405,000 in July.
• Row Houses: A downward trend is observed, with prices dropping from $298,000 in April to $285,000 in July.
• Apartment Condos: Prices have fluctuated slightly, with a minor decrease from $195,000 in June to $192,000 in July.

Despite these minor fluctuations, the overall price stability suggests a robust market.

Market Outlook

Looking ahead, Jay Lewis expects new construction projects to influence the market positively, particularly for row houses and townhouses. As new inventory becomes available, it’s anticipated that prices in these segments will stabilize and potentially increase.

Josh Tagg emphasizes Edmonton’s position as one of the most affordable major markets in Canada, making it an attractive destination for home buyers. With the expectation of continued interest rate cuts and a strong market foundation, Edmonton remains a desirable place for home ownership.

Conclusion

In conclusion, the Edmonton real estate market is showing resilience and growth as we move through 2024. While there are minor monthly fluctuations, the overall trend is positive, with increasing sales and stable prices. Stay tuned for our next update, where we’ll delve deeper into Edmonton’s affordability and what it means for potential home buyers.

If you find this information helpful, don’t forget to subscribe to our blog for regular updates and insights into the Edmonton real estate market.

“`