The August condo market continued to do well and provides good opportunities for both buyers and sellers.
In August 2022, average sales prices were $216,273 compared to $218,641 in August 2021. This is a decrease of 1%. This is only a marginal change in my opinion. The blended average increase for the year to date is about 2%.
In August 2021 there were 407 total Edmonton sales registered. In August 2022, 409 sales were registered. This is a marginal increase but noteworthy against the drop of 20% for single family. Perhaps condos are now considered better value?
Days on Market
Condominiums sold in August 2022 after an average of 54 days, compared to 60 days in August 2021. In terms of speed 2022 has consistently outperformed the market when compared to 2021 and 2020. Does this point to an increasing eagerness from buyers?
Based on August sales there is 6-month supply of condos available for sale compared to 5 ½ months in June.
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.
While condo supply stays above 4 months, I expect prices will be flat. However, if demand stays strong and condo supply gets below 4 months, all bets are off.
Look for my September 2022 report during the first week of October. Thank you.
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