Home sales in the Greater Edmonton Area (GEA) in August slipped below July’s level, but came in higher than August last year, according to the Realtors Association of Edmonton (RAE). Last month, sales were 2,591 homes, down 11.8% from July and a 15.8% increase over August 2023. There were 3,467 new listings added to the market in August, a 7% decline from July and up 7.7% year-over-year, while overall inventory dropped 1.2% month-over-month and a significant decline of 13.8% from August 2023. The aggregate average price was $435,094, a 1.2% decrease from July 2024, and a 9.1% increase from August 2023. “The hot summer season is definitely at an end as we can see clearly from the month-over-month numbers,” says RAE’s 2024 Board Chair Melanie Boles. “But the yearly comparison is telling a different story. This year’s home prices have increased in double-digit percentages for most residential categories, and the market is definitely more active as the number of sales continues to be stronger as well.” By housing type, the single-family home averaged $546,101, a year-over-year increase of 10.2%; semi-detached homes sold for an average of $414,526, up 10.9% year-over-year; the average price for row/townhouses was $290,569, 14.7% higher than last year, and; the apartment condominium average price was $203,742, 5.1% higher than August 2023. The market-wide listings-to-sale averaged 35 in the GEA, 11 days fewer than August 2023.
