2024 March Condo Market Report
The Edmonton condo market is alive and well. Sales volume is very strong. Prices are lifting.
Sales Prices
In March 2024 condo sales prices ended 9% up when compared to the same month last year. It should be noted that March last year saw a slight dip in values, so optimism needs to be tempered. However, the value trajectory is unmistakable. Condos in March sold for around $20,000 more than those in January.
Sales Volume
Volume for condo sales during the first quarter was impressive. Almost 1500 units sold during the first 3 months of 2024, surpassing the crazy year that was 2022 when 1430 units sold during the first 3 months of the year. In March there were 640 units posted sold on MLS system compared to 472 last year. This is the 11th consecutive month of volume sales growth.
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 39 days compared 55 days last year and 51 days the year before. Buyers are jumping into condo purchasing with confidence.
Supply
In March 2024 there was only 1.7 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 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 March 6th 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 April 10th.
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 for my April report during the first week of May 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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