The May condo market continued to surprise. Our current market favours condo sellers.
In May 2022, average sales prices were $236,464 compared to $232,745 in May 2021. This is an increase of 2% when compared to May 2021. The blended average increase for the year to date is about 4%.
In May 2021 there were 470 total Edmonton sales registered. In May 2022, 570 sales were registered. This is an impressive increase of 21% over the year before. As these numbers confirm, condos have really caught buyers attention this year.
Days on Market
Condominiums sold in May 2022 after an average of 45 days, compared to 47 days in May 2021. As the market continues to ‘speed up’ this confirms the boldness that many buyers are feeling right now for the condo market. Days on market of 45 suggests that most sellers meet their buyer after about 30 days. The last 15 days would account for the contingency period.
At the end of May there was 2164 condos for sale equal to 3.8 months’ supply. Based on this stat. leverage favors condo sellers at the moment.
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.
The market has moved rapidly from a buyers’ market back in January to a balanced market and then a seller’s market. I would expect to see the condo market perform well all year, especially if the single family market stays strong. Condos may become the purchase of choice for value seeking home buyers.
Look for my June 2022 report during the first week of July. Thank you.
About the author:
You can read more about the author of this blog by clicking this link - Stuart Neal, Broker, REALTOR® & Team Lead.
Our guaranteed FIXED FEE home selling program gives clients proven results & affordability. To learn more call our Broker Owner & Team Lead Stuart Neal at: 780-760-2014 or visit our program page www.FixedFeeRealtyAdvisors.ca
Get the answers to your questions.
Go to our You Tube Channel for buyers and sellers Stuart Neal - Real Estate Advice.Posted by Stuart Neal on