The Edmonton real estate market saw month-over-month and year-over-year sales and price gains in May, according to a statement from the Realtors Association of Edmonton. Sales reached 3,220 homes in the Greater Edmonton Area, up 3.3% from April and an 18.9% increase over May 2023. New listings totalled 4,325, 13.4% higher than April 2024 and 12.6% higher than May last year. The listings increased the overall inventory in the city by 6.9% from April but were 17.1% lower than May 2023. Singke-family home sales were 1,894, an increase of 2.4% from April and a 12.5% increase from may last year. Semi-detached home sales increased 3.2% month-over-month and increased 19.4% year-over-year. Row/Townhouse unit sales increased 6.1% compared to April 2024 and 21.2% compared to May 2023. Apartment condominium homes recorded a 45.8% over May 2023 and 4.5% over April 2024. Total residential average prices came in at $441,350, a 2.2% increase from April 2024 and 5.0% increase from May 2023. By type, single-family homes sales averaged $546,390 per home, increasing 3.0% from April 2024 and up from the previous year by 6.8%. The average selling price of semi-detached homes was $414,116, increasing 1.8% from April and up 8.4% year-over-year. Row/townhouse prices remained steady, selling at an average of $294,742, no change from April 2024 but 16.2% higher May 2023, selling at an average of $294,742. The apartment condominium average price was $206,591, increasing 2.6% over April and 6.9% higher than May 2023. The MLS® Home Price Index (HPI) composite benchmark price in the GEA came in at $399,900, increasing 1.1% from April 2024, and 6.1% from May 2023. Single-family homes averaged 33 days on the market, down from 35 in April. Semi-detached homes averaged 29 days on the market, no change from April and row/townhouses’ days on the market decreased six days to 27. Apartment condominiums averaged 42 days on the market, a one-day increase from April 2024. Overall, all residential listings averaged 33 days on the market, a month-over-month decrease of two days and a nine-day decrease compared to May 2023. “We could be looking at the peak of our spring market right now, with 4,325 new listings having just hit the market,” says Realtors Association of Edmonton 2024 Board Chair Melanie Boles. “It also appears that current interest rates haven’t put a dent in buying activity this year, with more than 500 additional sales closing this month compared to May 2023.” “We could potentially be in for an even busier June, as the next Bank of Canada interest rate announcement on June 5th might spark more activity in the market.”
