April Condo Market Report
The Edmonton condo market remains stable and with increased sales volume.
Sales values for condos are still sluggish, which is surprising as they represent great value when compared to single family homes. In my view condos are a bargain at this time.
Sales volume has surpassed 2021 every month so far. 2022 was an aberration. The steep growth in condo sales this year suggests that buyers are recognizing the hidden value of condo product, when compared to single family homes.
I would expect that this growth curve will continue into the summer months of 2023.
Days on Market
Condos sold in only 50 days on average in April 2023 compared to 46 days in April 2022. In my opinion, this confirms the enduring confidence that buyers have in condo product.
We have moved quickly from around 6 months of supply in January to a little over 3 months of supply at the beginning of April. On paper that puts us in a seller’s market and prices should lift.
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 condo market in Edmonton is starting to get interesting. For the first time in well over 2 years, we have seen supply drop to less than 4 months.
Provided supply does not increase, prices should rise and perhaps quickly.
Look for my May 2023 report during the first week of June. Thank you.
About the author:
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The views expressed in this article are those of Stuart Neal. Exp Realty and our team Ambergate Realty Advisors may not share the same views.Posted by Stuart Neal on
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