Market Update for Buyers and Sellers - Edmonton Real Estate Projections for June and July 2024
Welcome to ARIVL's latest real estate market update! Buckle up and get ready for an exciting journey through the vibrant Edmonton real estate market. Whether you're buying, selling, or just browsing, we’ve got all the insights you need to make your next move a success.Edmonton Real Estate: Your Next Big Adventure Starts Here!
Current Market Statistics for Edmonton Area:
- Average Residential Price: $416,567 (as of May 2024)
- Average Days on Market (DOM): 45 days
- Sales to Listing Price Percentage: 98%
Market Projections:
Sales Activity:- June 2024: Around 3,500 sales are expected, reflecting strong demand.
- July 2024: Slightly lower at about 3,300 sales as the peak season winds down.
- June 2024: Approximately 4,800 new listings, offering a variety of options.
- July 2024: Around 4,500 new listings as the market activity stabilizes.
- June 2024: Expected to reach approximately $418,000.
- July 2024: Projected to increase slightly to about $419,000.
- June 2024: Active inventory around 5,900 units.
- July 2024: Slightly lower at about 5,800 units.
- June 2024: Balanced at around 73%.
- July 2024: Maintaining stability at about 73%.
For Buyers:
1. Increased Options in June: The market will see a high number of new listings, providing you with a treasure trove of properties to choose from. Get ready to explore and find your dream home!2. Stable Prices: Average home prices are expected to continue their steady rise, ensuring a stable market environment. This gives you the confidence to make an informed decision without the fear of price spikes.
3. Negotiation Opportunities: As the market activity slows slightly in July, you might find golden opportunities to negotiate better terms and prices. This period could be your chance to snag a fantastic deal on your new home.
For Sellers:
1. High Demand in June: June is shaping up to be a bustling month with eager buyers ready to make offers. It’s the perfect time to list your property and capitalize on the peak buying season.2. Competitive Pricing: With a healthy influx of new listings, pricing your home competitively is crucial to attract buyers. A well-priced home stands out and can lead to a quicker sale.
3. Emphasis on Presentation: In a balanced market, how you present your home can make all the difference. Invest in making your property shine with staging, repairs, and curb appeal to wow potential buyers.
Single Family Homes vs. Condos:
Single Family Homes:- Buyers: Expect strong competition and stable prices. Desirable properties may move fast, so be ready to act quickly and negotiate smartly.
- Sellers: High buyer interest means your well-presented home can attract quick and competitive offers. Focus on showcasing the best features of your property.
Condos:
- Buyers: With more inventory and slightly less competition compared to single-family homes, condos offer great negotiation opportunities and potential deals.
- Sellers: Highlight unique features and amenities to make your condo stand out. Competitive pricing and effective staging are key to attracting interested buyers.
Why Choose ARIVL?
At ARIVL, we’re not just about numbers – we’re about making your real estate journey exciting and successful. Whether you're a first-time buyer or a seasoned seller, our team is here to guide you with expertise and a dash of fun. Let's embark on this adventure together and turn your real estate dreams into reality!Your Next Move Starts Here – Let’s Make It an Adventure with ARIVL!