As of August 2024, the Edmonton real estate market continues to show strong growth, reflecting a dynamic and competitive environment for buyers and sellers alike. Here's a comprehensive overview of the latest trends and statistics that define Edmonton's housing landscape.
Market Performance at a Glance
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Sold Properties: Edmonton experienced a significant increase in property sales, with 1.83K sold properties in August 2024, marking a 12.06% rise compared to August 2023. Year-to-date (YTD), the total number of sold properties stands at 14.6K, reflecting an impressive 29.75% growth from the previous year.
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Average Sale Price: The average sale price in August 2024 was $403K, a 6.33% increase from August 2023. The YTD average sale price is slightly higher at $405K, representing a 7.22% year-over-year increase. These figures indicate robust demand and a competitive market where buyers are willing to pay more than in previous years.
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Average Asking Price: The average asking price for properties in Edmonton has also risen. As of August 2024, it is recorded at $463K, showing a 6.59% increase from the previous year. This rise in asking prices suggests that sellers are optimistic about the market's potential, aligning with the observed increase in final sale prices.
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New Listings: The number of new listings reached 2.64K in August 2024, a 7.02% increase from August 2023. This growth is consistent YTD, with 20.7K new listings in 2024, up 6.82% from the same period in 2023. The influx of new listings provides buyers with more options, although the competition remains high due to the strong market demand.
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Days on Market: A notable improvement in the market is seen in the reduction of the average number of days properties remain on the market before being sold. In August 2024, the average was 46 days, down by 32.35% from the previous year. This quicker turnaround time suggests that homes are selling faster, further highlighting the market's vigor.
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Average Ask to Sell Ratio: The ratio of the asking price to the final sale price has improved slightly, standing at 0.986 in August 2024, a 1.45% increase from the previous year. This trend points to buyers getting closer to their asking prices, reflecting the strong bargaining position of sellers in the current market climate.
Conclusion
The Edmonton real estate market in August 2024 presents a picture of growth and resilience. With rising sales, increasing prices, and a shorter time to sell, the market favors sellers while offering buyers a diverse range of options. As the market continues to evolve, staying informed about these trends will be crucial for anyone looking to navigate Edmonton's dynamic real estate landscape effectively.
For more detailed information, real estate insights, or personalized advice, reach out to our local experts who can provide guidance tailored to your specific needs in Edmonton's thriving market.
