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The latest report from the Realtors Association of Edmonton (RAE) shows a significant 11.4% drop in residential sales in June compared to May, with 2,847 units sold. While this slowdown might seem concerning, it's worth noting that sales are still 10% higher than in June 2023. Despite the dip in sales, there are promising signs that the market remains active, with a busy start to July.
Market Plateau and Listing Trends
Melanie Boles, RAE board chair, mentioned that the market is reaching its seasonal plateau. The number of new residential listings in June also saw a decline, with 3,712 new listings marking a 12.2% drop from May. However, year-to-date listings are up by 2.3%, indicating a steady influx of new properties.
Price Movements: Detached Homes vs. Condos
While sales and new listings saw a decline, the pricing trends showed a mixed bag. The average price of single detached homes in Edmonton fell slightly from $539,000 in May to $495,000 in June, marking a 1% decrease. On the other hand, apartment and condo prices have risen, with the average price hitting $211,583, a 2.3% increase from May and an 8.5% rise from the previous year.
Rising Rents
The rental market in Edmonton has also seen an uptick. The average price for a one-bedroom rental increased by 9%, from $1,357 in May to $1,480 in June. Two-bedroom rents saw a more substantial rise, jumping 14% from $1,480 to $1,688 in the same period.
Summer Market Dynamics
As summer progresses, a further decline in sales is expected, consistent with seasonal trends. However, some realtors are experiencing a bustling market, with no plans for a summer break due to ongoing demand. While multiple offers were common a month ago, the market remains dynamic, with some properties still selling above the listing price.
Calgary Buyers Eyeing Edmonton
There has been a noticeable trend of buyers from Calgary looking to Edmonton for better affordability. The market remains intense, with only 1.8 months of inventory for single-family homes, well below the four to six months indicative of a balanced market. This tight inventory is likely to keep the market competitive and could push prices higher.
Why Choose Iconic YEG and Caitlin Heine
Navigating Edmonton's dynamic real estate market requires expertise and local knowledge. Caitlin Heine, owner of Iconic YEG Real Estate Team, is your go-to professional for buying or selling in this competitive environment. Caitlin's deep understanding of market trends, combined with her commitment to client success, ensures you get the best outcomes, whether you're a buyer looking for affordability or a seller aiming to maximize your property's value.
For personalized advice and top-tier real estate services, call Caitlin Heine at Iconic YEG today. Let Caitlin and her team guide you through Edmonton's real estate landscape with confidence and ease.