Vital Home Realty Blog

March Condo Market Report

The Edmonton condo market remains stable and with increased sales volume.

Sales Prices

Values for condos remain sluggish. Sales values are down when compared to the previous 2 years. This could be a great opportunity if you are a buyer.

 Sales Volume

Condos are so affordable when compared to single family homes at the current time.

The steep growth in condo sales this year suggests that buyers are recognizing the hidden value of condo product, when compared to single family homes.

I would expect that this growth curve will continue into 2023.

 Days on Market

Condos sold in only 55 days on average in March 2023 compared to 51 days in March 2022. In my opinion, this confirms the underlying confidence that buyers have in condo product. 

Supply

We have moved quickly from around 6 months of supply in January to only 3.5 months of supply at the beginning of April. On paper that puts us in a seller’s market and prices should lift assuming that the demand from buyers remains.

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 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 may force prices to rise and perhaps quickly.

Look for my March 2023 report during the first week of April. 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

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