As we navigate a dynamic real estate market in the Greater Edmonton Area (GEA), I wanted to share some critical insights from July 2024 that could impact your real estate decisions.
For Sellers: July saw a healthy increase in detached home sales, up 23.5% from last year, with average prices rising to $552,031. This is an excellent time to consider listing your property as demand remains strong and inventory levels are lower than last year by 15.1%. Although days on the market have slightly increased, the robust selling prices indicate a sellers' market.
For Buyers: The market remains competitive with a 27.1% year-over-year increase in sales. However, the slight month-over-month decrease in inventory suggests that finding the right home may require flexibility and readiness to act quickly. Particularly noteworthy are row/townhouses and apartment condominiums, which have shown significant sales growth and offer a variety of price points.
For Investors: The continuous increase in average prices, along with a 7.7% year-over-year growth, suggests a strong market appreciation. Apartment condominiums, despite a slight dip in prices from June, are still 4.9% higher than last year, making them a potentially lucrative option for rental investments.
Market Snapshot:
Total residential unit sales: 2,941; up 3.5% from June.
Detached homes: 1,708 sales; average price $552,031.
Row/Townhouses: Significant sales growth; average price $292,072.
Apartment Condominiums: Strong year-over-year growth; average price $204,315.
As always, I'm here to provide you with tailored advice and insights to help you make informed decisions whether you are buying, selling, or investing. Let’s discuss how this market can work for you.
Craig Finnman
RE/MAX Elite
(780) 982-1589
craig@craigfinnman.ca
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