2024 January Condo Market Report
The Edmonton condo market is alive and well. Sales volume is very strong. Prices remain stable.
In January 2024 condo sales prices ended a modest 1% up when compared to the same month last year.
Volume for condo sales in January 2024 is the big story so far this year. There were almost 350 units posted sold on MLS system compared to around 250 last year and the year before. This represents an impressive 38% lift in sales volume.
This is the 9th consecutive month of volume sales growth.
Days on Market
Condos sold for an average days on market of only 62 days compared 68 days last year and 75 days the year before. Buyers are jumping into condo purchasing with confidence.
Based on current supply and sales volume, there is less than 3 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.
When compared to the single-family market, condos are clear bargain.
The bank of Canada met on January 24th and agreed to hold interest rates with the intention to lower them if they could later in 2024.
This is great news for home sellers and buyers. Buyers can enter the market with certainty and confidence.
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 February report during the first week of March 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