2023 December Condo Market Report
The Edmonton condo market is alive and well. Sales volume is very strong. Prices remain moderate.
Condo sales prices recovered in December after a softer November. The average price paid was around $216,000 and this is 9% up when compared to December 2022.
And condo prices have been improving since August after a sluggish first half of the year.
Since May 2023, we have witnessed improving sales numbers for condos. December finished particularly strong. There were 405 condo sales posted, up from 250 the year before. That’s a massive 62% improvement in sales volumes.
This is the 8th consecutive month of volume sales growth.
Days on Market
Condos sold for an average days on market of only 58 days compared or more than 70 days the year before. Buyers are jumping into condo purchasing with confidence.
With the exception of January 2023, the condo market has offered less than 4 months of supply. We should not be surprised therefore that values would eventually lift, and they have done.
In general, anything less than four months of supply is considered a sellers’ market. Four to six months is balanced and anything above six months of supply is considered a buyers’ market.
When compared to the single-family market, condos are still a bargain. Single family home values now exceed pre-market crash values of 2007 in most areas.
The bank of Canada met on December 7th. They decided to keep interest rates at 5% for now. They were also careful to stress that interest rate increases WOULD be applied if inflation was a concern once again.
This was great news for home sellers and buyers. Buyers can enter the market with certainty and confidence.
The bank meets again on January 24th.
Sellers should consider listing their condos for sale now. There will be many active buyers entering the market in January and February, the spring rush is not far away and the lack of inventory at the moment should keep prices high.
Buyers should be willing to compete and expect to be in multiple offer situations given the lack of condos for sale.
Look for my January report during the first week of February 2024. Thank you.
About the author:
Our proven & affordable FIXED FEE home selling system gives clients the best combination of price & value for home selling services. To learn more, call our Team Lead Stuart Neal at: 780-760-2014 or visit our selling system page www.FixedFeeRealty.ca
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Stuart Neal is a licensed Associate Broker & Team Lead of Ambergate Realty Advisors / Exp Realty.Posted by Stuart Neal on