Features of Edmonton Condos That Lead to Faster Sales
If you’re an Edmonton condo owner thinking of selling, you might be wondering what will help you land a quick, successful sale. While most of us naturally start thinking about the price tag, findings from a study published in the International Journal of Housing Markets and Analysis this spring suggest that the features of your condo can have a big impact, as well.
The study, carried out by Samer Bu Hamdan, a former construction engineering post-doctoral fellow working with the University of Alberta, looked at selling data provided by the REALTORS® Association of Edmonton for 40,000 condos listed between 2009 and 2019, analyzing the features of condos that sold and didn’t sell.
The aim of Bu Hamden’s study was to “provide a framework through which builders can evaluate whether a certain design can increase or decrease their market share” – i.e., to help builders plan and develop condos that people want to buy – but the results can have implications for sellers, as well. As Bu Hamden put it in an interview with CBC News, “If you follow the findings, the condos [with more desirable features] are expected to sell faster than if you don't follow them."1
Since the features contributing to quicker sales varied according to the units’ price range, Bu Hamden divided his findings into three main categories: the “affordable” data set is for units listed for under $250,000, the “medium-priced” data refers to units ranging from $250,000-$500,000, and the “high-priced” data refers to units listed for over $500,000.
So, what features can contribute to a speedier condo sale in Edmonton? The results might surprise you!
Judging a condo by its cover
The “face” of the building can have a big impact on how quickly your unit sells. In the affordable category, stucco and vinyl exterior cladding contributed to decreased time on market, while wood cladding increased it. However, in the medium-priced category, wood cladding was associated with faster sales.2 Across both price ranges, a combination of materials – wood and brick, for instance – was seen to reduce time spent on market.3
It’s what’s inside that (also) counts
A building’s amenities, such as gyms and wheelchair access, and unit appliances, such as microwave combination ovens, were seen to decrease selling time for medium-priced units anywhere from nine to 18%. In the affordable category, they didn’t have a notable impact on selling time.4
Climate control seems to be another determining factor in the swiftness of sales, which anyone familiar with Edmonton summers and winters can understand! In both the affordable and mid-range data sets, air conditioning correlated to a 13% decrease in days on market, while baseboard heaters and heat pumps decreased time on market in all three categories by as much as 44% compared to other heat sources such as natural gas.5
Flooring type plays a significant role in selling time, as well. Carpet was seen to increase time on market for medium-priced condos, while hardwood in combination with other materials like marble, cork, and linoleum, sold up to 6% faster. Bu Hamden offers a possible explanation for the findings, noting that "Harder flooring, other than carpet, definitely sells better because of allergies, pets, and it overall looks a little cleaner and is easier to maintain."6
Compared to these sale-hastening features, condo fees didn’t play a large role in either increasing or decreasing a seller’s time spent on market.
So, what could these findings mean for your condo sale? While it’s true that most of the features the study points to as decreasing selling time aren’t within a unit owner’s immediate ability to change, if renovations are on your condo association’s to-do list, they could be worth pushing for. If you are interested in undertaking some of the work yourself – say, by ripping out carpet – be sure to check with your association’s bylaws to ensure that you have the proper approvals.
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1 CBC News Edmonton: Rip out the Carpet: Researcher Studies Features that help Edmonton Condos Sell Faster
2 CBC News Edmonton: Rip out the Carpet: Researcher Studies Features that help Edmonton Condos Sell Faster
3 Phys.org: New research reveals what makes condos sell
4 Phys.org: New research reveals what makes condos sell
5 Phys.org: New research reveals what makes condos sell
6 CBC News Edmonton: Rip out the Carpet: Researcher Studies Features that help Edmonton Condos Sell Faster