The November condo market continued to be very active, and sales volume is high. However, an abundance of supply is holding prices down.

Sales Prices

In November 2022, average sales prices were around $215,000 compared to over $216,000 in November 2021 and sales price for the entire year is tracking neutral.

Sales Volume

In November 2022, around 289 sales were registered compared to around 325 sold units in 2021. We expect to see sales volume for 2022 track about 600 units above last year or an increase of around 13% for the year.


Days on Market

Average days on market for November 2022 was 58 days compared to 61 days in November 2022. In my opinion this is a strong sign that buyers feel confident about opportunities in the condo market.

Supply

There is no shortage of supply which is a challenge for condo sellers, but a great opportunity for condo buyers.

In my opinion prices will stay flat as long as this imbalance in the market exists.

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 Edmonton condo market continues to provide interesting results. Sales volume is 13% UP on 2021 and prices are not lifting.

Perhaps if single family affordability becomes an issue due to higher interest rates, then the condo market could wake up even more. However, with so much supply, it could be some time before we see values lift.

Look for my December 2022 report during the first week of January. 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.

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