Highrise Edmonton Condo Statistics May 2018
The market in Edmonton seemingly remains quite resilient in the face of sustained uncertainty in the economic climate in the province. The overall market conditions still favor buyers, with a 16% inventory increase over May 2017, and sales down overall by 3.64%. Days on market showed improvement over 2017 with a reduction of 1 day to average at 53 days it typically takes to sell a home or condo. It is important to note that we are only reviewing year-over-year statistics as we feel they have the most relevance and are not influenced by seasonal factors like month-over-month statistics.
What does this all mean for the condo market specifically? While the board doesn’t provide statistics on new or high rise condos specifically, it is still important to familiarize yourself with the condo market in general and keep abreast of the trends. While there are outliers and differences between neighborhoods and even buildings, a general sense of the market is important to make smart investment decisions. We would be happy to help establish market values or discern details specific to your situation.
Condos in Edmonton in May of 2018 experienced a slight uptick in sales volumes over 2017 by 1.12%. While not a significant increase, it is an increase none-the-less, and may be the first time we have seen this in 2018. Potentially due in part to the tightening of financial lending regulations driving purchasers from home purchases to more cost-efficient condo living. Or maybe it is due to the improving offerings available in Edmonton’s condo market? A much more thorough analysis would be required to establish such things but it will be interesting to see if the trend continues.
Sales volumes are still down in the Edmonton condo market year-to-date over 2017 figures by roughly 3%. Both May and year-to-date listings are down by roughly 1% over 2017. Sale to listing ratio is almost identical for both those comparison metrics to 2017 holding at 35%.
Prices are down in Edmonton’s condo segment both in May and year-to-date. We will use median as a common denominator as it removes the outliers. Year to date prices are down over 2017 levels by 4.4% and in May 2018 compared to May 2017 down by 3.6%.
We hope this helps give you a more thorough analysis of both the overall market and the condo market. In May it seems the condo market is actually outperforming the single-family market in a number of key metrics.
As always please reach out to us via phone at 780-919-8180 or email [email protected] for market information specific to your neighborhood and building.
