Vital Home Realty Blog

The June condo market continued to do well and provides good opportunities for both buyers and sellers.

Sales Prices

In June 2022, average sales prices were $232,820 compared to $242,353 in June 2021. This is a decrease of 4% when compared to June 2021 when values spiked. The blended average increase for the year to date is about 3%. 

Sales Volume

In June 2021 there were 531 total Edmonton sales registered. In June 2022, 528 sales were registered. I would expect condo sales volume to track last year’s performance from this point on.

Days on Market

Condominiums sold in June 2022 after an average of 46 days, compared to 47 days in June 2021. This stat confirms the conviction that many condo buyers possess. If supply increases this stat may creep up a little as the year progresses.

Supply

Based on June sales there is 4.1-month supply of condos available for sale.

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

The market has moved rapidly from a buyers’ market back in January to a balanced market and then a seller’s market. We are now back to a balanced marke,t but only just. I would expect to see the condo market perform well all year, especially if the single-family market stays strong.

Look for my July 2022 report during the first week of August. 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 FLAT FEE home selling program 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 program page www.FixedFeeRealty.ca.

Get the answers to your questions. Go to our You Tube Channel for buyers and sellers Stuart Neal - Real Estate Advice.