NOVEMBER 2019 EDMONTON DOWNTOWN CONDOMINIUM REAL ESTATE MARKET UPDATE


In Edmonton right now:

  • There are currently 2011 active condo listings
  • Average DOM (Days on Market) is 81 days with an average listing price of $273,186
  • 258 listings sold last month with an average DOM of 76 days and an average sale price of $224,691 (listing price of $234,156)
  • We have 7.79 months of inventory with buyers and sellers negotiating 95.9% sales to asking price

In Zone 12 (Downtown & Oliver)

  • 305 active listing in Downtown with an average DOM of 81 days and listing price of $380,287
  • 40 Homes sold last month with an average DOM of 88 days and Average selling price of $260,648 (listing price of $273,514)
  • We have 7.63 months of inventory with buyers and sellers negotiating 95.3% sales to asking price

What we see:

  1. Sales activity improvements resulting in decreased months of inventory and increase in average sale price for Downtown despite colder weather
  2. Buyer confidence reassured after the election. While opinions are divided, general consensus is acceptance of the market realities and realization of good value
  3. Buyers who are willing to make an offer are seeing good value and strong willingness for sellers to cooperate

What we expect:

  1. Sales activity has been pretty steady in the last 2 months and prices expect to remain so.
  2. Seasonal slow down expected as snow falls (usually 1-2 weeks) 
  3. There is still the greater story being unfolded with the restraint 2019-2020 budget where the provincial government will have to solidify commitments and see how the  final effect of the late budget announcement to affect the front lines of jobs, programs and incentives heading into the province.