Vital Home Realty Blog

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 homes. I would expect that this growth curve will continue into the summer months of 2023.

 Days on Market

 Condos sold in only 48 days on average in May 2023. In my opinion, this confirms the enduring confidence that buyers have in condo product.

Supply

 We have moved quickly from around 6 months of supply in January to a little over 3 months of supply at the beginning of May.

Typically, that puts us in a seller’s market and prices should lift eventually. However, what might be happening is that as quickly as units are sold, more units come into the market to replace them. So inventory levels can be low from a months of supply perspective, but there is plenty of units coming into the market to replace those sold.

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

How long will it be before new listing supply starts to falter? The next months should prove interesting for the Edmonton condo market.

Look for my June 2023 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, 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.

The views expressed in this article are those of Stuart Neal. Exp Realty and our team Vital Home Realty may not share the same views.