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?
Comments
Leave a Reply
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