The Edmonton condo market is showing signs of recovery.
Whilst condos traded for less money in February 2023 when compared to 2022, prices were around $2,000 UP when compared to February 2021. And prices are around $5,000 UP in February compared to January 2023.
We expect to see condo prices improve as we hit the spring market.
The steep growth in condo sales this year perhaps suggests that buyers are recognizing the hidden value of condo product when compared to single family homes.
Condos are much more affordable when compared to single family homes at the current time.
I would expect that this growth curve will continue into 2023.
Days on Market
Condos sold in only 63 days on average in February2023 compared to 59 days in February 2022. In my opinion, this confirms the underlying confidence that buyers have in condo product.
We have moved quickly from around 6 months of supply in January to less than 4 months at the end of February. This is a surprise and will have a dramatic impact on sales prices if it continues.
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 over 2 years, we have seen supply drop to less than 4 months.
Assuming that some condo owners stay out of the market, this will force prices to rise and perhaps quickly.
Look for my February 2023 report during the first week of March. Thank you.
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