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2024 July Condo Market Report

The Edmonton condo market is doing very well. Sales volume has remained strong. Prices continue to rise, particularly townhomes.

Sales Prices

In July 2024 condo sales prices ended 8% up when compared to the same month last year with an average price of around $233,000, a little down on the previous month. We think that this might be a simple dip and we expect prices to stay healthy for the balance of the year, driven primarily by townhome sales, rather than apartment style condo sales, the prices for which are essentially flat.

Sales Volume

Theres no shortage of demand. In July there were around 770 units posted sold on the MLS system compared to around 495 last year, an increase of 56%.

Days on…

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July 2024 Single Family Market Report

Single family home sales volume stayed high. Prices rebounded after a slight dip in June, but may moderate as the year matures.

Sales Prices


Single family home prices recovered in July after a slight dip in June to average around $532,000 in July 2024, compared to around $485,000 in 2023, an increase of 10% over the previous year.

Sales Volume

 

There was around 1240 single family homes sold in July 2024 which is about the same as in June. We would expect any further increases to be modest for the rest of the year or as is more likely a soft decline in sales volume as the year matures. This is quite normal.

Days on Market

 

The average number of days on market in July 2024 was 31…

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2024 June Condo Market Report

The Edmonton condo market is alive and well. Sales volume is remains very strong. Prices continue to rise, particularly townhomes.

Sales Prices

 

In June 2024 condo sales prices ended 10% up when compared to the same month last year with an average price of around $246,000. This is the highest price point over the last 3 years. However, its worth noting that the number is skewed by improving condo townhomes prices. Apartment style condo prices have been slower to improve and in many cases are still significantly lower than years gone by. If you are a seller, this might be a challenge. If you are a buyer could this represent an opportunity?

Sales Volume

In June there were 731 units posted sold on MLS…

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June 2024 Single Family Market Report

Single family home sales volume stayed high. Prices have softened now that the spring market is over.

Sales Prices

Single family homes prices averaged around $516,000 in June 2024, compared to around $468,000 in 2023, an increase of 10% over the previous year. However, prices have started to moderate now that we have entered the mature summer market.

Sales Volume

There was around 1240 single family homes sold in June 2024, an increase of just 3% over June last year. We expect any further increases to be modest for the rest of the year given that the market dramatically overperformed for the first half of the year.

Days on Market

The average number of days on market in June 2024 was…

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May 2024 Single Family Market Report

Single family home sales volume stayed higher, and prices lifted again.

Sales Prices

Single family homes prices climbed to just under $525,000 in May 2024, compared to around $484,000 in 2023, an increase of 8% over the previous year. We have seen an 8% for the last two months.

I anticipate that prices will start to moderate and flatten as we enter the mature summer market.

Sales Volume

 

There was an even 1400 single family homes sold in May 2024, an increase of 15% over May last year. It should be noted that these sales volumes have moderated considerably since the start of the year when in February for example sales volume surpassed last year by 63%.

Days on Market

 

The average…

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2024 May Condo Market Report

The Edmonton condo market is alive and well. Sales volume is remains very strong. Prices continue to rise.

Sales Prices

In May 2024 condo sales prices ended 10% up when compared to the same month last year with an average price of around $236,300. The price growth pattern is clear. However, it’s likely that that values will moderate from this point, based on what happened from May onward the previous 2 years.

Sales Volume

In May there were 797 units posted sold on the MLS system compared to 585 last year. On average we have seen condo sales volume exceed sales volume over last year by over 40% for each and every month of 2024.

Days on Market

 

2024 is easily outperforming the previous 2 years in…

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April 2024 Single Family Market Report

Single family home sales volume stayed higher, and prices lifted again in February.

Sales Prices

Single family homes prices climbed to just under $514,000 in April 2024, compared to around $478,000 in 2023, an increase of 8% over the previous year. Prices have now easily surpassed the highest prices of the previous 2 years. However, we would normally see values level off in May and June. And as high as demand is, income levels of would-be borrowers may ultimately control the growth in prices simply hinged to a person’s ability to pay.

Sales Volume

There were almost 1400 single family homes sold in April 2024, an increase of 45% over April last year. We expect sales numbers to stay high, subject…

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2024 April Condo Market Report

The Edmonton condo market is alive and well. Sales volume is extraordinarily strong. Prices continue to lift.

Sales Prices

In April 2024 condo sales prices ended 8% up when compared to the same month last year with an average price of around $234,000. The value trajectory is unmistakable. Condos in April sold for around $25,000 more than those in January. However, it’s entirely possible that values soften over the summer months in line with seasonal trends.

Sales Volume

In April there were 754 units posted sold on MLS system compared to 492 last year. This is the 12th consecutive month of volume sales growth. Absolutely incredible performance clearly indicating the value buyers place in condo product…

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March 2024 Single Family Market Report

Single family home sales volume stayed higher, and prices lifted again in February.

Sales Prices

Single family homes prices climbed to just under $487,000 in March 2024 compared to around $460,000 in 2023, an increase of 6% over the previous year. Due to the shortage of inventory (see supply later in this report) we expect prices to climb even further as the spring market gets into gear.

Sales Volume

 

There were more than 1200 single family homes sold in March 2024 an increase of 50% over March last year. We expect sales numbers to stay high subject to availability of new inventory as more home sellers consider downsizing, or inventory opportunities are presented by the new home builder…

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2024 March Condo Market Report

The Edmonton condo market is alive and well. Sales volume is very strong. Prices are lifting.

Sales Prices

In March 2024 condo sales prices ended 9% up when compared to the same month last year. It should be noted that March last year saw a slight dip in values, so optimism needs to be tempered. However, the value trajectory is unmistakable. Condos in March sold for around $20,000 more than those in January.

Sales Volume

Volume for condo sales during the first quarter was impressive. Almost 1500 units sold during the first 3 months of 2024, surpassing the crazy year that was 2022 when 1430 units sold during the first 3 months of the year. In March there were 640 units posted sold on MLS system compared…

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