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Weekly Real Estate Market Update: Edmonton - Week Ending June 26, 2024

 Weekly Real Estate Market Update: Edmonton - Week Ending June 26, 2024

The Edmonton real estate market showed a mix of trends in the week ending June 26, 2024. Here’s a detailed look at the key statistics and what they mean for buyers, sellers, and investors.

Sales and Listings

This past week, Edmonton saw a total of 721 unit sales, reflecting a slight decrease of 1% compared to the previous week. This modest decline suggests a stable market with minor fluctuations in buyer activity.

On the other hand, new listings experienced a more significant drop. There were 837 new listings, which is 11% fewer than the week prior. This reduction in new listings could indicate a tightening market, potentially leading to increased competition among buyers for available properties.

Prices

Despite the mixed activity in sales and listings, property prices in Edmonton showed positive and negative movements. The average price of homes rose to $448,000, a 1% increase from the previous week. This uptick in the average price suggests a resilient market with steady demand for higher-priced properties.

In contrast, the median price saw a decline, dropping by 3% to $414,000. The decrease in the median price might indicate that more lower-priced homes were sold this week, balancing out the overall market trend.

Market Insights

The combination of fewer new listings and stable sales suggests a balanced market where demand is meeting supply relatively well. The slight increase in the average price indicates that higher-end properties are still in demand, while the drop in the median price could signal opportunities for buyers looking for more affordable options.

For sellers, the current market conditions suggest that while there is healthy demand, pricing your property competitively will be crucial, especially with fewer new listings drawing buyer interest. For buyers, the decrease in new listings means acting quickly and decisively when a desirable property becomes available.

As we move into the summer months, it will be interesting to see how these trends evolve and whether the Edmonton real estate market continues to show resilience and adaptability.


The statistics presented in this blog post are sourced from the Realtors Association of Alberta.

Copyright 2024 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.