The Home Tribe Real Estate Blog

In the midst of a sweltering July, the real estate scene in the Greater Edmonton Area (GEA) not only sizzled but also showcased significant growth. This month, the area witnessed a 3.5% month-over-month increase in residential unit sales, totaling 2,941 transactions. This marks a robust 27.1% rise compared to July 2023. The listings followed suit with 3,729 new residential properties hitting the market, up by 2.9% from June and a notable 13.2% from the previous year. Despite the uptick in listings and sales, overall inventory dipped by 1.4% from last month and stands 15.1% lower than last July.

Breaking down the numbers, detached homes led the charge with 1,708 units sold, an increase of 2.8% from June and a substantial 23.5% from last year. On the flip side, semi-detached homes saw a slight decline of 6.6% in sales from the previous month but managed a yearly gain of 13.0%. Row/townhouses experienced a healthy boost with sales up by 4.7% from June and a remarkable 52.0% year-over-year increase. Apartment condominiums, although fluctuating slightly, reported an 11.7% month-over-month increase and a 32.3% jump over the previous year.

Price-wise, the total average price of residential properties edged up to $440,466, a modest 0.4% rise from June and 7.7% from last year. Detached homes commanded an average price of $552,031, reflecting a 2.3% increase from June and a 9.8% increase year-over-year. Semi-detached units, while dipping 3.6% in price from June, showed a year-over-year price increase of 7.4%, closing at an average of $406,906. Row/townhouses nudged up to $292,072, a 0.7% rise from June and a significant 10.6% from last year. Apartment condominiums saw a slight price decrease of 3.4% from June but are still up 4.9% over the previous year, averaging $204,315.

According to the MLS® Home Price Index (HPI), the composite benchmark price in the GEA slightly decreased by 0.4% from June to $406,600, but is up by 7.1% compared to July 2023.

Melanie Boles, 2024 Board Chair of the REALTORS® Association of Edmonton, commented on the market dynamics, stating, “Despite the July heatwave, the real estate market experienced an unexpected surge in buyer activity. While we typically see a slowdown after the busy spring months, this July proved different, thanks to continued demand and limited supply.”

In terms of how quickly homes are selling, detached homes averaged 32 days on the market, showing a slight increase. Semi-detached homes sold faster, averaging 27 days, while row/townhouses took a bit longer at 31 days. Apartment condominiums lingered on the market for an average of 43 days. The overall average days on market for all residential listings increased slightly to 33 days, although this is still quicker than last year by 12 days.

This snapshot of Edmonton’s real estate market in July 2024 paints a picture of a market that, despite the seasonal heat, continues to demonstrate vigorous activity and healthy appreciation in property values.

Data and Information provided by the REALTORS® Association of Edmonton

Personalized Engagements Net Results

Strength is better in numbers. That statement rang true in November when the final suite in Elm Developments’ 189-unit Hampton Gardens was leased. The strategic partnership between Elm Developments, TruHome, and McCor Property Management ensured that despite the challenges 2020 brought, the Gardens outperformed similar southwest Edmonton properties and was leased at 100% capacity at the end of November. 

At TruHome, we held home-court advantage, supporting Ontario-based Elm Developments through their first Alberta development. Our extensive leasing experience, hyper-local marketing expertise, in-depth knowledge of the community, and social media engagement helped Elm understand the exclusive social and demographic needs of the Hamptons. These assets helped future tenants understand the value of the community, the location, and the amenities available to them in the surrounding areas.

With COVID, we could no longer rely on traditional methods like open houses and events to showcase new units. What can you expect from us?

• Highly personalized showings
• A safe environment, sanitizer, and social distancing
• An exclusive atmosphere, just for you.

The above strategies quickly made available Hamptons Gardens units a hot commodity, and we have continued to offer these personalized touchpoints for clients. 

The Hamptons’ rapid lease-up is uncommon, particularly here in Edmonton. Urban Analytics, a partner of TruHome, shared that  “It’s uncommon for buildings to fill this quickly, especially without incentives. The fact that TruHome and McCor were able to outperform the average occupancy time frame by 50% indicates that the units were priced appropriately, and the rent was kept consistent during the leasing process.” These are all considerations that you should expect from an experienced real estate team. For reference, the average time to fill similar complexes in Alberta is approximately 18 months, more than 50% longer than the Gardens.

If you’re a developer looking to enhance your next rental or for sale project, our team of experts can help you get the results you want. Let’s chat further about how we can help personalize your project to meet its maximum potential. 

With pandemic restrictions in Alberta for the long haul, residents of the Hamptons are enjoying an indoor oasis in their new homes, with luxurious on-site amenities including European inspired kitchens, and styled bathrooms for spa-inspired relaxation. Sound like the slice of paradise you’ve been dreaming of? 

Give us a call or send us a message to chat more about what we can do for you. Because without the promise of a tropical vacation on your horizon, and dropping temperatures here in YEG, you deserve to have your home be the getaway you’ve always wanted. 

• Dear Homeowner, 

  Life is certainly creating unexpected circumstances, that are shaping our current lives and that will in some way or another impact our futures. 

  Not all news is BAD news though, which feels good to report. As an essential service, we continued to assist our clients both in the buying and selling journey.

• Each client has a unique story as to WHY it made sense to them; new job opportunities, needing to “downsize” for health reasons, having their home sold, to build more financial freedom, to reduce debt…and the list goes on. 

  The same is true for you as to why you are choosing to stay in your current home or why you’ve been, like us, “looking” at real estate while you have spent more time at home. 

  Whatever the reason you have been contemplating a move, we want you to know:

  • The Market Is Moving Forward:

    • In fact, one of the biggest challenges we are facing is a lack of inventory.  Sellers that have chosen to take advantage of this are in many ways yielding more money right now and selling faster.

  • There Are Buyers Waiting For The Right Home:

    • While our sellers are less physical showings – our listings are attracting more vetted (qualified) buyers who are making quick decisions in terms of moving forward. 

  • You Deserve To Be Informed:

    • Our true role goes beyond buying and selling. As your real estate advisors, we want to ensure you are kept informed about the value of your home on an ongoing basis. This ensures you can make the most informed decision about whether to stay or move, to refinance or even to invest in a new property. Talk to us about getting this information on a consistent basis. 

  • We Want To Keep You Safe:

    • Due to COVID-19, we are taking strict measures to ensure everyone’s safety. From how we are increasing our virtual options, to how we are validating who enters your home and how. We would be happy to discuss the protocols we have in place to protect your health and home’s best interests. 

  If selling your home or gaining more knowledge about the Edmonton Real Estate market is on your priority list for 2020, we would be honoured to be part of your team of advisors. We are passionate about putting your needs first and have a proven track record of success that highlights that.

  Curious about what your Edmonton home is worth? Try our interactive Edmonton home evaluation tool here. Ready to talk about getting your home sold? Give us a call or send a msg.

We understand that are a lot of fears about what is happening in the world when it relates to this coronavirus and how to proceed. We don’t know how long this will last and how many people will be affected either physically, mentally or financially, however, we can speak about what we do know: