Edmonton, June 4, 2024: There were a total of 3,220 residential unit sales in the Greater Edmonton Area (GEA) real estate market during May 2024, showing increases of 3.3% over April 2024, and 18.9% over May 2023. New residential listings amounted to 4,325, a number 13.4% higher than in April 2024, and 12.6% higher than May 2023. Overall inventory in the GEA increased 6.9% from April 2024, but is still 17.1% lower than May 2023.
Detached unit sales totalled 1,894, an increase of 2.4% over the previous month, and 12.5% higher than the previous year. Semi-detached unit sales increased 3.2% month-over-month and showed an increase of 19.4% year-over-year. Row/Townhouse unit sales also increased 6.1% compared to April 2024 and 21.2% compared to the previous year. Apartment Condominium unit sales also increased 45.8% over May 2023, and 4.5% over the previous month.
Total residential average prices came in at $441,350, a 2.2% increase from April 2024, and 5.0% increase from May 2023. Detached homes averaged $546,390, increasing 3.0% from April 2024 and up from the previous year by 6.8%. Semi-detached units sold for an average of $414,116, increasing 1.8% from the previous month, and up 8.4% year-over-year. Row/townhouse prices remained steady, showing no change from April 2024 but coming in 16.2% higher compared to May 2023, selling at an average of $294,742. Apartment Condominium average prices hit $206,591, increasing 2.6% over last month and coming in 6.9% higher than the previous year.
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.
“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.”
Detached homes averaged 33 days on the market, decreasing 2 days from April 2024. Semi-detached homes recorded no change with 29 days on the market, and row/townhouses’ days on the market decreased 6 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 2 days and a 9-day decrease when compared to May 2023.
*Please note – Each year, in line with statistical best practices, the MLS® HPI undergoes a comprehensive review by Canadian Real Estate Association (CREA). The results can lead to changes in the available data and historical composite or aggregate benchmark prices could be revised higher or lower. Learn more here or see the FAQ document here.
Melanie Boles, REALTOR®, 2024 Chair
780-298-2564
Marlena Lesmister, Director of Communications (Acting)
780-453-9368
Darla Lindbjerg, President and CEO
780-453-9321
View full infographic package (PNGs) here.
View full infographic package (PDF) here.
