Edmonton Condo Market: Weekly Update
Not a steller performance for the Edmonton condo market this week. Continued economic uncertainty, mixed with some political instability poured on top of what’s typical for the time of year and you end up with lacklustre condo sales.
Condo sales were down for Edmonton highrise, lowrise, and townhouses. Average price was also down. The bright spot was the drop in inventory of condos in Edmonton and the surrounding areas.
(Previous week’s numbers are in brackets). For the past 7 days:
New Condo Listings:
- Edmonton All Types - 106 (98, 116, 118)
- Edmonton High Rise - 19 (21, 18, 22)
- Edmonton Low Rise - 46 (49, 64, 54)
- Edmonton Townhouse - 41 (28, 34, 43)
- Surrounding Areas - 19 (17, 24, 26)
Sold Condos # of Units:
- Edmonton All Types - 44 (64, 50, 42)
- Edmonton High Rise - 4 (9, 9, 7)
- Edmonton Low Rise - 23 (34, 25, 25)
- Edmonton Townhouse - 17 (21, 16, 10)
- Surrounding Areas - 7 (10, 5, 11)
Sold Condos Avg Selling Price (000’s):
- Edmonton All Types - 227 (231, 237, 208)
- Edmonton High Rise - 253 (249, 210, 267)
- Edmonton Low Rise - 243 (211, 227, 194)
- Edmonton Townhouse - 206 (254, 268, 205)
- Surrounding Areas - 235 (251, 229, 259)
Active Condo Listings:
- Edmonton All Types - 1987 (2156, 2179, 2217)
- Edmonton High Rise - 322 (343, 338, 341)
- Edmonton Low Rise - 1001 (1083, 1099, 1125)
- Edmonton Townhouse - 664 (730, 742, 751)
- Surrounding Areas - 347 (391, 385, 386)
Price per square foot for the past week continues to decline, down another $2 / sqft, although it was up for Edmonton low rise condos. Below is a comparison of the Avg $ / Sqft: 60 days vs. the past 7 days.
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One Response to “Edmonton Condo Market: Weekly Update”
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Nathan, I have trouble telling who you’re writing for: is it buyers or sellers? If your main concern is selling the condo market to buyers (probably a good idea right now), you’ve written most of your update updside down. High inventory is good for us. Low prices are good for us. Competition in supply is good for us. Explain how we can better take advantage of a buyer’s market and you’ll help sellers too.
***Response from Nathan*** Mark, you make a valid argument. My intent is to provide a balanced analysis of the market combined with my own observations, rather than write this blog specifically for only buyers or sellers. At this point I do think that sellers need to adjust their expectations more than buyers do, to maintain a liquid and effective market.
Depending whether you are a buyer, seller, or observer, you will have different reactions to changes in the market. I appreciate your comments, and in the future I will be addressing buyers needs in more detail. I may highlight one stakeholders point of view more so in one post; but I will also be sure to address the other party’s concerns in another post. Hopefully this seems fair. Thanks for reading by the way, and your comments.