November Condo Market Report

The Edmonton condo market is alive and well. Sales volume is very strong. Prices remain moderate.

Sales Prices

Condo sales prices softened in November in line with seasonal trends. The average price paid was around $205,000. Condo buyers were able to drive a hard bargain in November. This is around $10,000 LESS than this time last year or 5% down. The last half of the year has seen prices improve. However, buyers were winning big discounts in the spring and this drives down average prices for the yeear. For the entire year, we expect the average prices for condos to be around 4% less than in 2022.

 

Sales Volume

There were around 440 condos sold in November compared to around 290 units sold in November 2022. This represents an increase in volume of 52%. This is the 7th consecutive month of volume sales growth.

Days on Market

 

Condos sold for an average days on market of only 46 days. This is faster than the previous 2 years at 58 and 61 days. Buyers are selecting condo units quickly and with confidence.

 

Supply

After years of oversupply, the Edmonton market is offering much lower inventory levels. There is now less than 4 months of supply. This has been the case for most of the year.

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

When compared to the single family market condos are a bargain. Single family home values now exceed pre-market crash values of 2007.

Condos have yet to recover due to years of oversupply. There is lots of upside potential in the condo market.

Sellers should consider listing their condo for sale now knowing the ‘pre-Christmas movers’ are active.

The bank of Canada met on December 7th. They decided to keep interest rates at 5% for now. They were also careful to stress that interest rate increases WOULD be applied if inflation was a concern once again.

Look for my December 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.

Stuart Neal is a licensed Associate Broker & Team Lead of Ambergate Realty Advisors / Exp Realty.

Posted by Stuart Neal on

Tags

Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.