Edmonton Real Estate Market Update | MAY 2024

"Residential Unit Sales in Greater Edmonton Area Surges by 54.9% YoY in April 2024"

According to the latest data, the real estate market in Greater Edmonton Area (GEA) saw an increase of 27.1% in residential unit sales in April 2024, compared to March 2024. This is also a 54.9% increase compared to April 2023. New residential listings rose by 11.2% compared to March 2024 and 13.7% compared to April 2023. The overall inventory in the GEA increased by 2.7% compared to March 2024, but was still 20.5% lower than April 2023.

Detached homes accounted for the majority of sales, with a 27.1% increase compared to the previous month and 51.4% increase compared to the previous year. Semi-detached unit sales increased by 33.6% month-over-month and 61.7% year-over-year. Row/townhouse unit sales increased by 13.9% compared to March 2024 and 46.4% compared to the previous year. Apartment condominium unit sales increased by 72.5% compared to April 2023 and 33.2% compared to the previous month.

The average price for all residential properties in the GEA was $431,387, a 2.5% increase from March 2024 and a 5.4% increase from April 2023. Detached homes averaged $529,957, a 2.5% increase from March 2024 and a 5.8% increase from the previous year. Semi-detached units sold for an average of $406,674, falling 0.5% from the previous month but up 7.4% year-over-year. Row/townhouse prices were up 4.2% from March 2024 and 12.5% compared to April 2023, with an average selling price of $294,417. Apartment condominiums averaged $200,968, increasing 3.5% over the previous month and 3.7% higher than the previous year.

The MLS® Home Price Index (HPI) composite benchmark price in the GEA came in at $397,200, increasing 1.2% from March 2024 and 5.4% from April 2023. 

If you're interested in how these market trends relate to your real estate goals, our team would love to answer your questions. Call us today at 780-462-5002 or fill out the form below to get in touch with us!

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