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More condos selling. Prices dropping. Excess inventory disappearing. The condo market is an interesting place right now.
Numbers Sold:
58 more condo units sold across Edmonton when compared to the third quarter of 2018. This confirms that buyers continue to seek out condo living as a lifestyle choice.
Sales Values:
Condos continued to trade at a discount when compared to last year. On average condo units sold for about 10% LESS than last year, equal to an average discount of about $25,000. Condos have been selling at a discount for the entire year. This is not good news, but as excess inventory dries up this pattern must eventually change. Its beyond the scope of this report to examine the ages of the condos sold, but
The market seems to be strengthening in favour of sellers. Discounts are less than the second quarter. Sales volume is about the same as last year and inventory volume is down.
Numbers Sold:
2304 single family homes sold in Edmonton during the third quarter of 2019. This is 18 more than last year and confirms the underlying demand for homes in Edmonton.
Sales Values:
Buyers continue to have an advantage but on the whole home sellers did relatively well. Homes during the last quarter sold for only $3614 LESS than last year. Not great but hardly a disaster. This equates to about a 1% discount and when compared to the second quarter when homes sold for about a 3% discount, this suggests the market may be hardening.
The number of condos sold this year was about the same as in the second quarter 2019. However, most units were selling at a 5% discount. Discounts are getting less and should continue to shrink as inventory levels come down.
Numbers Sold:
In total, around 1065 condos sold in Edmonton during the first quarter of 2019. This compares favorably with last year when 1090 condo sold. This is about the same as last year and suggests continuing strong demand. Overall the difference is less than 30 units and should not be a concern for condo sellers.
Sales Values:
For the second quarter condo homes continued to trade at a discount when compared to last year. Most condo units sold for about 5% LESS than last year, equal to an
The market seems to be strengthening in favour of sellers. Discounts are less than 3 months ago. Sales volume is about the same as last year and inventory volume is down.
Numbers Sold:
In total, around 2700 single family homes sold in Edmonton during the second quarter of 2019. This compares favorably with last year when only around 2600 homes sold. Just over 100 MORE homes sold this year compared to last year. Confidence in the Edmonton market remains strong.
Sales Values:
Sellers continue to be pushed for discounts by aggressive buyers. Single family homes sold on average for almost $13,000 LESS than in quarter 2 of last year. This amounts to a discount of about 3%. Compared to the first quarter where the discount
The number of condos sold this year was about the same as in the first quarter 2018. However, most units were selling at a discount. Do we see light at the end of the tunnel? If inventory levels tighten up, yes we do.
Numbers Sold:
In total, 653 condos sold in Edmonton during the first quarter of 2019. This compares favorably with last year when 765 condo sold. A difference of 112 units sold. Whilst this proves the underlying demand for condo homes in Edmonton, it’s also lower than last year. Perhaps some potential condo buyers are purchasing a single- family home instead due to exceptional affordability at this time?
Sales Values:
For the first quarter condo homes continued to trade at a discount when compared to
The number of homes sold this year was about the same as in the first quarter 2018. However, most homes were selling at a discount. Do we see light at the end of the tunnel? If inventory levels tighten up, yes we do.
Numbers Sold:
In total, 1514 single family homes sold in Edmonton during the first quarter of 2019. This compares favorably with last year when 1674 homes sold. A difference of only 160 homes sold. This proves the underlying demand for single family homes in Edmonton.
Sales Values:
For the first quarter single family homes continued to trade at a discount when compared to last year. Most homes sold for about 6% LESS than last year, equal to an average discount of about $27,000.
Inventory levels have stayed lower for 2 consecutive months. If this pattern continues, we should see a turnaround later this year.
Month End Inventory:
Over the last 2 years we have witnessed a large excess of inventory. This is no longer the case. At the end of March 2019 there were only 2150 condo units for sale across Edmonton compared to over 2500 last year.
Numbers Sold:
251 condos sold in March 2019 compared to 290 units last year, a difference of only 39 units. We don’t see this as significant.
Days on Market:
Condo buyers in March 2019 continued to act with confidence and contracted in 74 days compared to 70 days in March 2018. Again, we don’t this as significant.
The number of homes sold this year was about the same as last year. However, most homes were selling at a discount. Do we see light at the end of the tunnel? If inventory levels tighten up, yes we do.
Numbers Sold:
In total, 625 single family homes sold in Edmonton during March 2019. This compares favorably with March 2018 when 692 homes sold. A difference of only 67 homes sold. This proves the underlying demand for homes in Edmonton.
Month End Inventory:
The days of excess inventory are behind us. At the end of March 2019 there was only 371 more homes for sale compared to last year. If this pattern continues then values will harden at some point.
The big news story here is that excess inventory is no more. There is now LESS inventory for sale than this time last year and days on market remains stable. Unless lots of new condo units come on stream this year, we expect values will start to recover by the end of the year.
Month End Inventory:
Over the last 2 years we have witnessed a large excess of inventory. That situation we appears to have been remedied. At the end of February 2019 there were only 1938 condo units for sale across Edmonton or 564 LESS units than this time last year. If this pattern continues, then the condo market is on the verge of a turnaround in Edmonton.
Numbers Sold:
217 condos sold in February 2019 compared to 247 units last year, a
For single family homes, sales values are still down, but sales volume is about the same as last year. Now that excess inventory has essentially disappeared, we can expect prices to rise soon.
Numbers Sold:
In total, 502 single family homes sold in Edmonton during February 2019. This compares well with February 2018 when 543 homes sold. A difference of only 41 units. The confirms how robust the Edmonton market is and that when it comes to residential real estate, the market will to a great extent ‘just keep chugging’.
Month End Inventory
Don’t let this graph fool you. At the end of February the excess inventory that we have faced this past 18 months was DEPLETED. At the end of February 2019 there was 3296 homes
