July Condo Market Report
The Edmonton condo market stays stable. Prices are moderate and sales volume is healthy.
Sales Prices
Condo sales prices softened slightly for July 2023 at an average price of around $216,000. This is just below the value for June. I would describe sales values as flat and notably trending lower than for the previous 2 years.
Sales Volume
There were almost 500 condos sold in July compared to less than 450 units sold in July 2022. Condo sales volume has traded comfortably above sales volume for last year and the year before for the last 3 months. Perhaps this points to a rebound in condo interest especially as single-family values continue to lift.
Days on Market
For the second month running condos sold for an average days on market of only 53 days. This is similar to the previous 2 years.
Supply
After years of oversupply, the Edmonton market is offering much lower inventory levels. There is less than 4 months of supply. In theory this should mean that values will lift. Perhaps a strong and pent-up supply of new inventory coming to replace that which is sold and holding back price growth?
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
Condo sellers and buyers can enter the market with a high degree of certainty. Units are selling in good time and prices are stable.
Look for my August report during the first week of September. Thank you.
About the author:
You can read more about the author of this blog by clicking this link - Stuart Neal, Team Lead & REALTOR®.
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The views expressed in this article are those of Stuart Neal. Exp Realty and our team Ambergate Realty Advisors may not share the same views.
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