The Edmonton real estate market continues to show dynamic activity as we head into the final days of summer. For the week ending August 28, 2024, there has been a noticeable increase in both unit sales and new listings, highlighting a robust and competitive market for buyers and sellers alike.
Unit Sales Surge by 10%
This week, a total of 558 units were sold, marking a 10% increase compared to last week’s sales. This uptick suggests that more buyers are making decisions and locking in their new homes before the fall season begins. Whether driven by seasonal trends or market conditions, the demand remains strong across Edmonton’s diverse neighborhoods.
New Listings Skyrocket by 30%
Sellers have also become more active, with 875 new listings hitting the market this week. This represents a significant 30% increase from the previous week, offering more options for potential buyers. With increased inventory, buyers have a greater variety to choose from, although competition among sellers may also intensify as more properties enter the market.
Price Trends: A Slight Dip in Averages, Stability in Median Price
The average home price in Edmonton this week is $436,000, a slight decrease of 2% from last week. On the other hand, the median price remains stable at $420,000, with a modest 0% increase. While the overall average price is slightly lower, the median suggests that typical homes are holding their value. This may indicate a balanced market where pricing adjustments are normalizing after a strong summer.
What to Expect in the Coming Weeks
With rising sales and an influx of new listings, buyers have more options but may need to act swiftly to secure the best deals. Sellers, on the other hand, may benefit from a fresh wave of interest, though competitive pricing will be key to standing out in a crowded market.
Source: All statistics are provided by the Realtors Association of Alberta.
