July brought a steady pace to the Greater Edmonton Area real estate market, with a few signs of shifting trends. Buyers had more options to choose from, while overall sales activity took a small step back. That is not totally unusual this time a year, as som buyers take a break from the pressures of purchasing and enjoy the fruits of the summer.
A total of 2,860 properties were sold while 4,387 new listings were added to the market. That’s a 7.8 percent increase month-over-month, creating more selection and increasing inventory levels.
By the end of July, 7,083 properties were available across the region. This marked a 4.7 percent increase from June and a notable 21.8 percent jump compared to July 2024. That signals more fair buying conditions for buyers overall!
The average selling price for all residential property types in July was $463,078, down just 0.4 percent from June. Compared to the same time last year, prices were still up by 5.2 percent.
While the market remains competitive for aggressively priced properties, we are seeing some properties stay on the market for more time than in previous months. This is to say that if you are looking to list your home for sale, it isn't the time to test the market with a say...$15k over value list price to "see what happens". Buyers are likely to reject the price, and ultimately the longer the home is one the market, the more challenging it becomes to market it to buyers. Lets' face it. We have been in a boom for a few years now and these are not the inexperienced, knee-jerk buyers we may have expected in 2022. Buyers today are savvy, patient and understand the negotiating landscape better than many sellers who may not have done any real estate transactions since before the pandemic.
