2024 April Condo Market Report
The Edmonton condo market is alive and well. Sales volume is extraordinarily strong. Prices continue to lift.
Sales Prices
In April 2024 condo sales prices ended 8% up when compared to the same month last year with an average price of around $234,000. The value trajectory is unmistakable. Condos in April sold for around $25,000 more than those in January. However, it’s entirely possible that values soften over the summer months in line with seasonal trends.
Sales Volume
In April there were 754 units posted sold on MLS system compared to 492 last year. This is the 12th consecutive month of volume sales growth. Absolutely incredible performance clearly indicating the value buyers place in condo product at this time and driven perhaps by the lack of single-family inventory.
Days on Market
2024 is easily outperforming the previous 2 years in terms of speed to sale. Condos sold for an average days on market of only 35 days compared 50 days last year and 46 days the year before. Buyers are jumping into condo purchasing with confidence.
Supply
In April 2024 there was only 1.5 months of supply. This is unheard of in the Edmonton market.
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.
Round Up
Despite the recent surge in prices when compared to the single-family market, condos are a clear bargain. In many areas of Edmonton condos are selling at prices far below the prices achieved back in 2007, when we saw the last boom.
The bank of Canada met on April 10th and agreed to hold interest rates with the intention to lower them if they could later in 2024. The next meeting will take place on June 5th.
This continues to be great news for home sellers and buyers. Buyers can enter the market with certainty and confidence.
If possible, sellers should consider listing their condos for sale now. There will be many active buyers entering the market as the spring rush approaches and the lack of inventory should keep prices high.
Buyers may face multiple offer situations given the lack of condos for sale.
Look out for my May report during the first week of June 2024. Thank you.
About the author:
You can read more about the author of this blog by clicking this link - Stuart Neal, Team Lead & REALTOR®.
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.
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