Stuart Neal's Real Estate Blog - Market Reports

August Condo Market Report

August Condo Market Report

The Edmonton condo market stays stable. Prices are moderate and sales volume continues to grow.

Sales Prices

Condo sales prices climbed slightly for August 2023 at an average price of around $221,000. This is 2% up over the same month last year.

Sales Volume

There were almost 572 condos sold in August compared to less than 410 units sold in August 2022. This represents an increase in volume of 40 %. This is the fourth consecutive month of volume sales growth. Perhaps this points to a rebound in condo interest especially as single-family values continue to lift.

Days on Market

Condos sold for an average days on market of only 51 days. This is slightly quicker than the previous 2 years at 54…

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August Single Family Market Report

August Single Family Market Report

Single family home prices stay higher in August.

Sales Prices

Sales prices continue to climb. In August 2023, average sales prices settled at around $473,000 down slightly on the month, before but $12,000 more than August 2022. This might have been driven by the possibility of interest rate increases in September, combined with lower inventory levels than normal.

Sales Volume

Sales volume over last year was up by 33%. That’s right, fully a third more homes sold when compared to August 2022. Around 1030 homes sold in August 2023 compared to 775 homes in August 2022. 

Days on Market

Average days on market in August 2023 was 43 days. This is longer than the previous 2 years. The current pace…

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July Condo Market Report

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…

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July Single Family Market Report

July Single Family Market Report

Single family home prices lifted in July, in line with last year’s values.

Sales Prices

In July 2023, average sales prices settled at around $485,000 which is around $17,000 more than June 2023. This might be driven by the possibility of interest rate increases in September, combined with lower inventory levels than normal.

Sales Volume

Over 900 single family homes sold in July 2023, which is around the same number as in July 2022. Our market should track or surpass last year’s sales figures, inventory levels allowing. 

Days on Market

Average days on market in July 2023 was 43 days. This is longer than the previous 2 years. The current pace is more like we would expect to see in Edmonton.…

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June Single Family Market Report

June Single Family Market Report

Single family home prices softened in June in line with seasonal norms.

Sales Prices

In June 2023, average sales prices settled at around $468,000 which is somewhat lower than this time last year and the year before. Perhaps the attraction of single-family housing over condos has reduced somewhat now that the Covid crisis is essentially over.

Sales Volume

1200 single family homes sold in June 2023 compared to 1203 in 2022 and 1249 in 2021. The market was essentially flat in June.

Days on Market

Average days on market in June 2023 was 40 days. This is the same as for May 2023. Perhaps the market for single family has stabilized now? The current pace is more like we would expect to see. The…

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June Condo Report

June Condo Market Report

The Edmonton condo market stays stable and with increased sales volume and higher prices.

Sales Prices

Condo sales prices peaked for 2023 in June at an average price of around $223,000. This is still lower than the previous 2 years, however.

Sales Volume

There were 584 condos sold in June compared to 585 in May. Condo sales volume was comfortably above the last 2 years. Does this point to a rebound in confidence for the condo market?

Days on Market

For the second month running condos sold for an average days on market of only 48 days. This is much better than over the previous 2 years and does suggest an underlying confidence in the condo market.

 Supply

With less than 4 months of…

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May Condo Market Report

May Condo Market Report

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

Sales Prices

Sales values for condos remain flat. This is surprising as they represent great value when compared to single family homes. In my view condos are a bargain and still a great buy from a stability perspective. Based on the mid term performance of the condo market you might not gain but you wont lose either.

 Sales Volume

Sales volume has surpassed 2021 every month so far. 2022 was an aberration. There were 585 condo units sold in May across Edmonton up from 570 the year before. The steep growth in condo sales this year suggests that buyers are recognizing the hidden value of condo product, when compared to single family…

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May Single Family Market Report

May Single Family Market Report

The May market delivered a solid performance. And prices hit their highest level for 2023.

Sales Prices

In May 2023, average sales prices were around $484,000 slightly above May 2022 sales values of $483,000 and $26,000 UP on May 2021. When compared to 2021 that’s a 6 percent increase in values. Interest rate increases have had no tangible effect.

Sales Volume

Don’t let this graph fool you. Just look at how steep that line is. Single family housing is popular. Post Covid we witnessed unusually high sales numbers. However, 2023 sales volumes are at pre Covid norms.

Days on Market

 Average days on market in May 2023 was 40 days compared to 24 days last year and 27 days in 2021. The…

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April Condominium Market Report

April Condo Market Report

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

Sales Prices

Sales values for condos are still sluggish, which is surprising as they represent great value when compared to single family homes. In my view condos are a bargain at this time.

 Sales Volume

Sales volume has surpassed 2021 every month so far. 2022 was an aberration. 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 the summer months of 2023.

Days on Market

Condos sold in only 50 days on average in April 2023 compared to 46 days in April 2022.…

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April Single Family Market Report

April Single Family Market Report

The April market delivered a solid performance.

Sales Prices

In April 2023, average sales prices were around $478.000, down on 2022, but around $20,000 UP when compared to April 2021. When compared to 2021 that’s a 4 percent increase in values. Values should peak in May or June and then soften as the year matures…

Sales Volume

Don’t let this graph fool you. Post Covid we witnessed unusually high sales numbers. However, 2023 sales volumes are at pre Covid norms. We expect sales volume to climb further in May and peak in June, as we enter the traditional spring market.

Days on Market

Average days on market in April 2023 was 43 days compared to23 days last year and 33 days in 2021.…

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