Calgary Condo Market Sales Pace Outshines All of 2011 - One More Month to Go

Posted by Alan Zunec on Friday, December 7th, 2012 at 4:40pm.

The Calgary Real Estate Board, or CREB, just released its monthly report and noted that the resale markets for townhomes and condos are doing well. Townhouses are doing particularly well, with the inventory actually dwindling somewhat. In addition to stronger sales, there are fewer townhouse new listings coming on the market. But CREB’s Ann-Marie Lurie did note that the townhouse market makes up only a small portion of housing in Calgary.

Consider the numbers from November. Single family homes accounted for 1,006 sales, while townhouses had 198 sales and condos, apartment style, showed 253 sales. But, as far as the latter two categories go, there were more sales in the first 11 months of 2012 than in 2011’s entire calendar year.  Sales were 2,478 and 2,238 respectively. That is a ten percent increase and we still have December of 2012 to consider.

Townhouse prices this past November came in at an average of $315,381, compared to an average of $304,114 seen in 2011. That is more than an $11,000 increase.  With sales numbers and price taken into account, as well as the decreasing inventory, townhouses are nearly a seller’s market.

Calgary’s condo market, for the apartment models, was quite balanced in November. For the first 11 months of 2012, some 3,283 homes changed hands compared to the 3,139 sales seen throughout all of 2011. That is a 4.5 percent increase so far this year.

Pricewise, sales for November of 2012 saw an average of $310,496 per unit, a 21 percent increase over the $255,267 per unit average seen in that same month in 2011.

Southwest Calgary, or Zone C, saw the most sales activity, with 241 sales for the month bringing an average of $347,527 per home. Highland Park, in Zone C, also saw the fastest sales times, with one condo going in just five days at $240,000.  The Victoria Park neighbourhood saw the most sales, with 23 units changing hands at an average price of $370,005. The Mission neighbourhood saw the highest condo sales average, coming in at $839,577 for its nine sales.

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