January Condo Market Report for Edmonton

The January market performed strongly once again compared to the same time last year in terms of sales prices and sales volume.

Sales Prices

In January 2022, average sales prices were $220,306 compared to $217,731 in January 2021. This is an increase of 1% when compared to January 2021. 

Sales Volume

In January 2021 there were 249 total Edmonton sales registered. In January 2022 269 sales were registered. This is an impressive increase of 8% over the year before. 

Days on Market

Buyers selected condos in January 2022 after an average of 75 days, compared to 68 days in January 2021. The longer time on market may be due to the banks taking their time to approve lending on condos, after what has been a tough market for condo sales in Edmonton over these past few years.

Outlook

At the end of January 2022, condo inventory was at 1739 units, equal to 134 fewer condos for sale when compared to last year.

Leverage is starting to reside with sellers. I would expect to see values climb during the first two quarters of 2022 if inventory levels continue to stay lower.

Look for my February 2022 report during the first week of March. Thank you.

About the author:

You can read more about the author of this blog by clicking this link - Stuart Neal, Broker, REALTOR^® & Team Lead.

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