2024 February Condo Market Report

The Edmonton condo market is alive and well. Sales volume is very strong. Prices are lifting.

Sales Prices


In February 2024 condo sales prices ended 3% up when compared to the same month last year. This is a marked improvement over January when condo prices ended at 1% up.

Sales Volume

Volume for condo sales in January and February 2024 is the big story so far this year. There were over 500 units posted sold on MLS system compared to around 350 last year. This represents an impressive 45% lift in sales volume.

This is the 10th consecutive month of volume sales growth.

Days on Market

 

Condos sold for an average days on market of only 50 days compared 63 days last year and 59 days the year before. Buyers are jumping into condo purchasing with confidence.

 

Supply

Based on current supply and sales volume, there is a little over 2 months of supply for condos across Edmonton.

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

When compared to the single-family market, condos are clear bargain.

The bank of Canada met on February 24th 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 March 6th.

This is 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 in 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 for my March report during the first week of April 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

Get the answers to your questions. Go to our You Tube Channel for buyers and sellers Stuart Neal - Real Estate Advice.

Stuart Neal is a licensed Associate Broker & Team Lead of Ambergate Realty Advisors / Exp Realty.

Posted by Stuart Neal on

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