Condor, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $499,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.3% |
| Stock on market | 0.7% |
Apartment
| Median price | $289,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $499,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Condor, Alberta, is currently experiencing steady growth. With a median house price of $499,000 that reflects a 3.3% increase year-over-year, the market is showing solid appreciation rates for homeowners. The median apartment price is also on the rise at $289,000, marking a 2.5% increase from the previous year.
The local real estate market is benefiting from a strong population growth rate of 3.4%, which outpaces many other regions and suggests a robust demand for housing. The influx of new residents may be contributing to the steady increase in property values as demand for housing remains high.
It’s important to note that while single-family homes and apartments are both appreciating in value, houses are seeing slightly higher rates of appreciation. This trend suggests that detached homes are particularly in demand in this market, which could be due to factors such as preferences for more space or family-oriented living accommodations.
Investment Opportunities and Potential
For investors considering the Condor real estate market, there are several promising opportunities. Given the consistent growth in property values and the strong population increase, investing in both residential houses and apartments could offer good potential for capital gains over time.
Single-family homes present an attractive investment due to their higher appreciation rate compared to apartments. Investors looking for long-term growth might focus on this segment of the market, possibly targeting properties with renovation potential or those located in emerging neighborhoods.
Apartments offer a lower entry point into the real estate market and may appeal to investors seeking rental properties. With an ongoing influx of new residents, rental demand is likely to remain strong, potentially leading to favorable rental yields and low vacancy rates.
Future Market Outlook
The future outlook for Condor’s real estate market appears positive. Population growth continues to drive demand for housing and can be expected to underpin property values going forward. If current trends persist, we can anticipate further moderate increases in property prices across both houses and apartments.
However, it is crucial for prospective buyers and investors to monitor local economic developments closely, as these will influence employment levels, income growth, and ultimately the capacity of residents to afford housing. Additionally, any changes in interest rates or government housing policies could also impact the trajectory of the market.
In conclusion, Condor offers a stable investment environment with the potential for continued property value appreciation driven by demographic growth and sustained demand for housing. Investors should carefully evaluate their options within different segments of the market to align their strategies with long-term trends.
