2024 June Condo Market Report

The Edmonton condo market is alive and well. Sales volume is remains very strong. Prices continue to rise, particularly townhomes.

Sales Prices

 

In June 2024 condo sales prices ended 10% up when compared to the same month last year with an average price of around $246,000. This is the highest price point over the last 3 years. However, its worth noting that the number is skewed by improving condo townhomes prices. Apartment style condo prices have been slower to improve and in many cases are still significantly lower than years gone by. If you are a seller, this might be a challenge. If you are a buyer could this represent an opportunity?

Sales Volume

In June there were 731 units posted sold on MLS system compared to 584 last year. This is lower than last month but still 25% compared to June 2023.

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 34 days, compared 48 days last year and 50 days the year before that. Buyers are clearly optimistic about the condo market and many sales are the result of multiple offers.

Supply

In June2024 there was around 2 months of supply. Whilst still low, its possible that we will see inventory increase as the year matures.

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 our last boom in 2007 condos both townhome and apartment style are a clear bargain.

In many areas of Edmonton condos are selling at prices far below the prices achieved back in 2007.

For those looking for value in a hot market, condos might be a better choice when compared to a single family purchase, provided of course that you have enough room in which to live.

The bank of Canada will meet on July 24th to consider if it will adjust interest rates.

If possible, sellers should consider listing their condos for sale now. The spring market is over and therefore the supply of buyers may dwindle.

Look out for my July report during the first week of August 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 Ambergate Realty Advisors / eXp Realty.

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