The Edmonton real estate market continues to evolve as we enter the latter part of summer. The latest statistics for the week ending August 7, 2024, highlight some interesting trends that both buyers and sellers should take note of.
Weekly unit sales in Edmonton saw a slight decline, with a total of 582 units sold, representing a 6% decrease from the previous week. While this dip may raise concerns, it's important to consider the broader context. Fluctuations in weekly sales are common, especially as we move through the summer months when market activity can vary.
New listings also experienced a small decrease this week, with 793 new properties coming onto the market, down by 1% from the previous week. This minor drop suggests that while the market is slightly cooling, there is still a steady flow of new inventory for buyers to consider.
On the pricing front, the average home price in Edmonton rose to $448,000, marking a 3% increase from last week. The median price also saw a rise, reaching $416,000, which is up 2% from the previous week. These price increases indicate a continued demand for properties in Edmonton, potentially driven by a competitive market environment.
Overall, while the number of sales and new listings saw slight declines, the upward trend in prices suggests that Edmonton's real estate market remains robust. Buyers should be prepared for potential price increases, and sellers can take advantage of the current market conditions.
*These statistics are sourced from the Realtors Association of Alberta.*
