The April condo market continued to surprise. Our current market favours condo sellers.
In April 2022, average sales prices were $232,252 compared to $229.210 in April 2021. This is an increase of 2% when compared to April 2021. The blended average for the year to date is about 5%.
In April 2021 there were 515 total Edmonton sales registered. In April 2022, 620 sales were registered. This is an impressive increase of 20% over the year before. The condo market is very much alive right now.
Days on Market
Buyers selected condos in April 2022 after an average of 46 days, compared to 55 days in April 2021.
At the end of April there was 1998 condos for sale equal to 3.22 months’ supply.
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.
The market has moved rapidly from a buyers’ market back in January to a balanced market. I would expect to see the condo market perform well all year, especially if single family sales price increase. Condos will become the purchase of choice for value seeking home buyers.
Look for my May 2022 report during the first week of June. Thank you.
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