As we step into the warmer months, the Edmonton real estate market continues to show signs of vibrancy and resilience. The latest statistics for the week ending June 19, 2024, reflect a healthy demand and a steady increase in property values. Here’s a detailed look at the numbers:
Unit Sales
This week saw a total of 727 units sold, marking a modest but positive increase of 1% from the previous week. This uptick suggests that buyers are actively engaging with the market, possibly driven by favorable mortgage rates and a general optimism in the economic outlook.
New Listings
On the supply side, the number of new listings has seen a notable decrease. There were 942 new listings this week, which is down by 7% compared to last week. This reduction in new listings could be attributed to a variety of factors, including sellers holding back in anticipation of further price increases or a seasonal lull as summer begins.
Price Trends
The average price of homes in Edmonton has risen to $443,000, reflecting a 2% increase from last week. Similarly, the median price has climbed to $427,000, also up by 2% from the previous week. These price increases indicate a competitive market where demand slightly outpaces supply, pushing prices upwards.
Market Insights
The current market dynamics suggest that Edmonton remains a seller’s market, albeit with some underlying caution. The increase in sales alongside a decrease in new listings puts pressure on the available inventory, which, in turn, supports price growth. Buyers need to be prepared for a competitive environment, while sellers might find it an opportune moment to list their properties to capitalize on the rising prices.
Looking Ahead
As we move further into the summer, it will be interesting to see if the trend of increasing prices and stable sales continues. Factors such as interest rates, economic policies, and broader economic health will undoubtedly play significant roles in shaping the market.
For now, the Edmonton real estate market appears to be on a steady path, with both buyers and sellers finding opportunities to achieve their goals.
*Statistics and data for this report are sourced from the Realtors Association of Alberta.*
