September Condo Market Report

The Edmonton condo market stays stable. Prices are moderate and sales volume continues to grow at impressive levels.

Sales Prices

Condo sales prices climbed slightly for September 2023 at an average price of around $214,000. This is 1% up over the same month last year. It’s worth noting that sales values are trending LOWER than the previous 2 years due to the very sluggish start to the year.


Sales Volume

There were over 530 condos sold in September compared to less than 385 units sold in September 2022. This represents an increase in volume of 39%. This is the fifth consecutive month of volume sales growth.

Days on Market

Condos sold for an average days on market of only 49 days. This is faster than the previous 2 years at 57 and 54 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 less than 4 months of supply. This has been the case for most of the year. Pent up supply that is new inventory coming from the rental pool is probably keeping prices flat. Once that supply is exhausted, prices must go up.

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

On September 6th the Bank of Canada elected to hold the ‘overnight rate’ to 5 ¼ percent.

This was great news for condo sellers and buyers. Buyers can enter the market with certainty and confidence.

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

The bank meets again on October 26th and December 7th. From what I understand interest rate increases would be introduced with the greatest reluctance. The intention is to bring rates down as we enter 2024.

Look for my October report during the first week of November. 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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