January Condo Market Report

If inventory levels stay lower in 2023, sales values will lift.

Sales Prices

Condo buyers have pushed hard and negotiated solid discounts in January 2023. Average sales prices for 2023 was around $205,000 compared to around $220,000 in 2022 and around $217,000 in 2021.

Sales Volume

January 2022 was an extraordinary year and sales volume for January 2023 was about 7% down. However, it matched 2021. I do not think there is cause for concern.

For many home buyers condos make the most sense.

Days on Market

Condos sold in only 68 days on average in January 2023 compared to 75 days in January 2022. In my opinion, this confirms the underlying confidence that buyers have in condo product.

Supply

There is still plenty of choice for condo buyers. If no other units were listed, it would take over 5 months to sell them all.

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.

Round Up

At the moment there is plenty of supply. However, if lower prices keep many condo sellers out of the market, supply could drop significantly, and prices should rise. We will have to wait and see. This year could present an interesting market.

Look for my February 2023 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, Team Lead & REALTOR^®.

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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