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In July 2024, the Greater Edmonton Area (GEA) saw 2,941 residential unit sales, marking a 3.5% rise from June 2024 and a 27.1% jump from July 2023. New listings hit 3,729, up 2.9% from last month and 13.2% higher than last year. However, overall inventory decreased by 1.4% from June and is down 15.1% compared to July 2023.

Sales Breakdown:

• Detached Homes: 1,708 units sold, up 2.8% from June and 23.5% higher year-over-year.
• Semi-Detached Homes: Sales dropped 6.6% from June but increased 13.0% compared to last year.
• Row/Townhouses: Sales rose 4.7% month-over-month and surged 52.0% from July 2023.
• Apartment Condos: Sales were up 11.7% from June and 32.3% higher than last year.

Pricing Trends:

• Overall Residential Average Price: $440,466, a slight 0.4% increase from June and up 7.7% year-over-year.
• Detached Homes: Averaged $552,031, up 2.3% from June and 9.8% higher than last year.
• Semi-Detached Homes: Averaged $406,906, down 3.6% from June but up 7.4% year-over-year.
• Row/Townhouses: Priced at $292,072, up 0.7% from June and 10.6% higher than July 2023.
• Apartment Condos: Averaged $204,315, down 3.4% from June but 4.9% higher than last year.

The MLS® Home Price Index (HPI) composite benchmark price for the GEA was $406,600, a 0.4% decrease from June 2024, but a 7.1% increase year-over-year.

Market Insights: “July's market activity remained strong despite the summer heat,” says Melanie Boles, REALTORS® Association of Edmonton 2024 Board Chair. "Sales unexpectedly increased, and home prices held steady, though we’re watching the low inventory closely as it could impact future prices."

Days on Market:

• Detached Homes: 32 days, up by 3 days from June.
• Semi-Detached Homes: 27 days, a 1-day decrease.
• Row/Townhouses: 31 days, an increase of 6 days.
• Apartment Condos: 43 days, up by 1 day.

Overall, the average days on market for all residential listings was 33 days, 3 days longer than June, but 12 days shorter than July 2023.