2024 May Condo Market Report
The Edmonton condo market is alive and well. Sales volume is remains very strong. Prices continue to rise.
Sales Prices
In May 2024 condo sales prices ended 10% up when compared to the same month last year with an average price of around $236,300. The price growth pattern is clear. However, it’s likely that that values will moderate from this point, based on what happened from May onward the previous 2 years.
Sales Volume
In May there were 797 units posted sold on the MLS system compared to 585 last year. On average we have seen condo sales volume exceed sales volume over last year by over 40% for each and every month of 2024.
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 46 days the year before. Buyers are clearly optimistic about the condo market and many sales are the result of multiple offers.
Supply
In May 2024 there was only 1.6 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 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 tomorrow June 5th to announce if interest rates will be adjusted.
If possible, sellers should consider listing their condos for sale now. Some would say that the Spring market is almost over and therefore the supply of buyers may dwindle.
Look out for my June report during the first week of July 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 REALTOR® & certified eXp Mentor with Ambergate Realty Advisors / eXp Realty.
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