Edmonton Condo Market: Weekly Update
This week new condo listings are down again which is to be expected considering the time of year, and condo sales saw a respectable uptick of 14 units over last week (64 compared to 50 last week).
The average selling price for the overall condo market was down, including Edmonton townhouses and low rise condos, but actually rose in the surrounding areas, and for high rises in Edmonton. Inventory is declining very slowly with a drop of 23 units over last week. (Previous week’s numbers are in brackets). For the past 7 days:
New Condo Listings:
- Edmonton All Types - 98 (116, 118, 181)
- Edmonton High Rise - 21 (18, 22, 34)
- Edmonton Low Rise - 49 (64, 54, 83)
- Edmonton Townhouse - 28 (34, 43, 64)
- Surrounding Areas - 17 (24, 26, 30)
Sold Condos # of Units:
- Edmonton All Types - 64 (50, 42, 44)
- Edmonton High Rise - 9 ( 9, 7, 3)
- Edmonton Low Rise - 34 (25, 25, 25)
- Edmonton Townhouse - 21 (16, 10, 16)
- Surrounding Areas - 10 (5, 11, 12)
Sold Condos Avg Selling Price (000’s):
- Edmonton All Types - 231 (237, 208, 229)
- Edmonton High Rise - 249 (210, 267, 204)
- Edmonton Low Rise - 211 (227, 194, 223)
- Edmonton Townhouse - 254 (268, 205, 241)
- Surrounding Areas - 251 (229, 259, 245)
Active Condo Listings:
- Edmonton All Types - 2156 (2179, 2217, 2222)
- Edmonton High Rise - 343 (338, 341, 338)
- Edmonton Low Rise - 1083 (1099, 1125, 1140)
- Edmonton Townhouse - 730 (742, 751, 744)
- Surrounding Areas - 391 (385, 386, 426)
Price per square foot for the past week continues to decline, down another $1 / sqft which doesn’t sound like much but is a decline of over $4000 per month on a 1000 sqft condo. Below is a comparison of the Avg $ / Sqft: 60 days vs. the past 7 days.
Edmonton Condo Market: Weekly Update - Part 2
Judging from condo sales this past week it appears that the market held fairly steady in Edmonton but not so well in the surrounding areas of St. Albert, Spruce Grove, Stony Plain, Leduc, Beaumont, and Sherwood Park. Sales in Edmonton were up 19% over the week before (50 vs. 42), while the surrounding communities saw less than half the number of sales from the previous week.
After collecting data on Edmonton condo sales in the past 60 days (Sep 22 - Nov 20) we can see that the overall sold price / sq ft in seems to have stabilized somewhat - the noticeable exception being the price of Edmonton high rise condos.
Below is the complete Edmonton condo sales stats from September 22 to November 20.
| Sold Past 60 Days (Sept 22 - Nov 20) | Sold | Avg. Sales Price | Avg. SqFt | Price / SqFt | Avg. Days on Market |
| Edmonton | 578 | $238,353 | 1018 | 234 | 64 |
| High-Rise | 75 | $276,286 | 939 | 294 | 71 |
| Low-Rise | 292 | $219,331 | 925 | 237 | 65 |
| Townhome | 211 | $249,842 | 1176 | 212 | 61 |
| Surrounding Area | 87 | $266,313 | 1201 | 221 | 65 |
Edmonton Condo Market: Weekly Update - Part 1
Over the past few weeks I have been experimenting with different formats to show the weekly condo update. I have three weeks stats now so I will be able to start showing trends. This week I will be publishing the condo update in two posts. Here is part one of this weeks update on the Edmonton condo market (previous week’s numbers are in brackets). For the past seven days:
New Listings:
- Edmonton All Types - 116 (118, 181)
- Edmonton High Rise - 18 (22, 34)
- Edmonton Low Rise - 64 (54, 83)
- Edmonton Townhouse - 34 (43, 64)
- Surrounding Areas - 24 (26, 30)
Sold Condos # of Units:
- Edmonton All Types - 50 (42, 44)
- Edmonton High Rise - 9 (7, 3)
- Edmonton Low Rise - 25 (25, 25)
- Edmonton Townhouse - 16 (10, 16)
- Surrounding Areas - 5 (11, 12)
Sold Condos Avg Selling Price (000’s):
- Edmonton All Types - 237 (208, 229)
- Edmonton High Rise - 210 (267, 204)
- Edmonton Low Rise - 227 (194, 223)
- Edmonton Townhouse - 268 (205, 241)
- Surrounding Areas - 229 (259, 245)
Active Condo Listings:
- Edmonton All Types - 2179 (2217, 2222)
- Edmonton High Rise - 338 (341, 338)
- Edmonton Low Rise - 1099 (1125, 1140)
- Edmonton Townhouse - 742 (751, 744)
- Surrounding Areas - 385 (386, 426)
| 21-Nov-08 | New Listings | Sold | Ratio | Active Listings | AVG Sales Price | Price / SqFt |
| Edmonton | 116 | 50 | 43.10% | 2179 | $237,427 | $230 |
| High-Rise | 18 | 9 | 50.00% | 338 | $210,444 | $252 |
| Low-Rise | 64 | 25 | 39.06% | 1099 | $227,272 | $230 |
| Townhome | 34 | 16 | 47.06% | 742 | $268,473 | $221 |
| Surrounding Area | 24 | 5 | 20.83% | 385 | $228,962 | $209 |
Let me know if you have any requests or feedback!
What is a Condominium?
What is a Condominium?
Simply put: A condominium is a type of real property ownership where the owner holds a private ownership in his or her specific unit, and shares ownership with the other unit holders in all the common areas of the property.
Although “condominium” technically refers to this type of property ownership, it has become common over the years for people to use the terms “condominium” or “condo” to refer to a condominium complex as a whole, or an individual unit in a complex.
Condominium Ownership
The most complete and highest form of private ownership of real property in Alberta is fee simple ownership. Fee simple ownership is based on the English common law system, and therefor this type of ownership is found in every jurisdiction in Canada, the UK, and the United States except for Quebec.
Fee simple ownership gives the property title holder a bundle of rights which include the right to possess, control, use, lease, sell, give away, or the right not to carry out any of these things in relation to the property. This bundle of rights is no less complete for condominium ownership than it is for non-condominiums (such as single-family homes in most cases), but certain rights may be limited and regulated by the condominium bylaws; which can vary greatly from one condo complex to another. For the purpose of mortgage, tax, sale, or inheritance, each unit owners fee simple ownership is separate from all others.
Intro to Common Areas
Every condominium consists of the private dwellings (called units), and the common areas of the building or property. Each dwelling unit is owned by, and registered in the name of, the owner of the unit, while the ownership and responsibility of the common areas are shared amongst all the unit owners. In future posts I’ll discuss in more detail what buyers and owners should know about common areas, and how to play an active role in the management of your condominium.
Edmonton Condo Market: Weekly Update
Those buying a condo in Edmonton this week were frugal with their choices.
The average sales price for condos in Edmonton between November 7 and November 13 was $208,600; down over $21,000 from a week earlier. The average price drop also partly a result of buyers opting for smaller condos as the average square footage was 955 compared to 1016 the week before. The downsizing resulted in a drop to $218/sqft this week, from $226/sqft.
Buyers in surrounding areas (St. Albert, Sherwood Park, Spruce Grove, Stony Plain, Leduc, and Beaumont) were willing to pay more to get the condo they wanted. The average selling price in these areas actually increased from $245k the week before to $259k this past week. The price/sqft for condos surrounding Edmonton this week was $240.
| 14-Nov-08 | New Listings | Sold | Ratio | Price Changes | Active Listings | AVG Sales Price |
| Edmonton | 118 | 42 | 35.60% | 133 | 2217 | $208,638 |
| High-Rise | 22 | 7 | 31.80% | 24 | 341 | $266,857 |
| Low-Rise | 53 | 25 | 47.20% | 58 | 1125 | $193,956 |
| Townhome | 43 | 10 | 23.30% | 51 | 751 | $204,590 |
| Surrounding Area | 26 | 11 | 42.30% | 22 | 386 | $259,364 |
With most of the selling activity in the lower end of the condo market lately it was positive to see two highrise condo sales downtown this week over $300k, which helped to keep the avg. prices for highrises up.
| 14-Nov-08 | Sold | AVG Sales Price | Sold: Avg SqFt | Price / SqFt | Avg. days on Market | AVG Sales Price |
| Edmonton | 42 | $208,638 | 955 | $218 | 81 | $208,638 |
| High-Rise | 7 | $266,857 | 1035 | $257 | 94 | $266,857 |
| Low-Rise | 25 | $193,956 | 892 | $217 | 74 | $193,956 |
| Townhome | 10 | $204,590 | 1057 | $193 | 91 | $204,590 |
| Surrounding Area | 11 | $259,364 | 1080 | $240 | 53 | $259,364 |
While selling price/SqFt has dropped for every type of condominium in Edmonton compared to the avg for the past 60 days, the price/SqFt for condominums in the surrounding areas has held steady.
| Sold: Past 60 Days (Sept 15 - Nov 14) | Sold | Avg. Sales Price | Avg. SqFt | Price / SqFt | Avg. Days on Market |
| Edmonton | 625 | $249,000 | 1017 | 244 | 63 |
| High-Rise | 84 | $294,000 | 943 | 311 | 70 |
| Low-Rise | 310 | $231,000 | 923 | 250 | 63 |
| Townhome | 231 | $258,000 | 1171 | 220 | 60 |
| Surrounding Area | 101 | $282,000 | 1195 | 235 | 66 |
What are your thoughts on the stronger prices outside of Edmonton?
Other News- Home Buying Seminar - For Ladies Only March 9, 2010
- Edmonton Real Estate Market Weekly Update March 5, 2010
- Don't wait for the weekend to make your offer! March 4, 2010
- Edmonton Market Steady and Stable March 2, 2010
- Home Prices Rise in Edmonton While Condos Drop March 1, 2010