October Condo Market Report
The Edmonton condo market is HOT. Prices are lifting and sales volume continues to grow at impressive levels.
Condo sales prices climbed again for October 2023 at an average price of almost $230,000. This is 10% up over the same month last year and the highest prices all year.
There were over 460 condos sold in October compared to around 300 units sold in October 2022. This represents an increase in volume of 48%. This is the 6th consecutive month of volume sales growth.
Days on Market
Condos sold for an average days on market of only 54 days. This is faster than the previous 2 years at 55 and 63 days. Buyers are selecting condo units quickly and with confidence.
After years of oversupply, the Edmonton market is offering much lower inventory levels. There is now less than 3.5 months of supply. This has been the case for most of the year.
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.
When compared to the single family market condos are a bargain. Single family home values now exceed pre-market crash values of 2007.
Condos have yet to recover due to years of oversupply. There is lots of upside potential in the condo market.
On October 6th the Bank of Canada elected to hold the ‘overnight rate’ to 5 ¼ percent.
This was great news for condo sellers and buyers. Buyers can enter the market with certainty and confidence.
Sellers should consider listing their condo for sale now knowing the ‘pre-Christmas movers’ are about to get active.
The bank meets again on December 7th. From what I understand interest rate increases would be introduced with the greatest reluctance. The intention is to bring rates down as we enter 2024.
Look for my November report during the first week of December. Thank you.
About the author:
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.Posted by Stuart Neal on