2024 July Condo Market Report
The Edmonton condo market is doing very well. Sales volume has remained strong. Prices continue to rise, particularly townhomes.
Sales Prices
In July 2024 condo sales prices ended 8% up when compared to the same month last year with an average price of around $233,000, a little down on the previous month. We think that this might be a simple dip and we expect prices to stay healthy for the balance of the year, driven primarily by townhome sales, rather than apartment style condo sales, the prices for which are essentially flat.
Sales Volume
Theres no shortage of demand. In July there were around 770 units posted sold on the MLS system compared to around 495 last year, an increase of 56%.
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 37 days, compared 53 days last year and 50 days the year before that. Buyers are clearly optimistic about the condo market.
Supply
In July 2024 there was around 2 months of supply, the same as in June. We would expect it to increase as the year matures, but it must be remembered we lived with 6 plus months of supply for many years up until about 18 months ago.
Four to six months is balanced and anything above six months of supply is considered a buyers’ market.
Round Up
When compared to our last boom in 2007, condos both townhome and apartment style remain outstanding value.
Across Edmonton apartment style condos are selling at prices far below the prices achieved back in 2007. On the other hand, townhome values are lifting perhaps because they represent a clear alternative to single family homes the values for which are heading up. You can read my Single Family Market Report here.
The bank of Canada met on July 24th and cut the base lending rate to 4.5%. Some say this is because many mortgages are coming up for renewal towards the end of this year and early 2025 and the government and the Bank of Canada wants to avoid undue hardship and discomfort if possible.
Look out for my August report during the first week of September 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 REALTOR® & certified eXp Mentor with Vital Home Realty / eXp Realty.
Note, we posted the rate was adjusted to 4.75%. The actual adjustment was to 4.5%. This was corrected by the author August 13th 2024.
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