The December condo market continued to be very active, and sales volume remained high.
Average sales prices for 2022 was $221,807 compared to $221,518 in 2021. Prices were essentially flat.
Sales volume is the big story for 2022. Over 5,200 condos sold in 2022 across Edmonton compared to around 4,600 in 2021 an increase of 14%.
Days on Market
Average days on market for 2022 was 56 days compared to 58 days in 2021. This confirms the underlying confidence that buyers have in condo product in my opinion.
Supply is the achillea heal of the Edmonton condo market and has been for several years. There is currently a 7-month supply although this will drop off because many condo listings will have expired at the end of December 2022. Until these units come back into the spring market supply may moderate.
Condo sellers face plenty of competition which is the challenge, but a great opportunity for condo buyers.
I expect prices will stay flat as long as this imbalance in the market exists.
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.
Sales volume is 14% UP on 2021 but prices have not lifted so far.
If single family affordability becomes an issue due to higher interest rates, then the condo market could wake up.
With such abundant supply, it could be some time before we see values lift.
Look for my January 2023 report during the first week of February. Thank you.
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