Resale prices favour condo buyers
Decline seven per cent in January
RMesale condo prices in the city continue to favour buyers, says the Calgary Real Estate Board. The average condo sales price tumbled by seven per cent in January compared to the same time last year, says a CREB report. Prices eased from an average of $288,291 in January 2011 to $268,526 last month.
The median condo price was $255,000 in January 2011, declining by four per cent last month to $245,000. “As presented in our housing forecast report, a slow start to the year is
Visit our website under the heading, ‘Rate Your Resale,’ for resale prices by neighbourhood. anticipated, as consumers continue to be cautiously optimistic regarding purchasing and/or listing their home,” says CREB president Bob Jablonski.
The average price for condos in January 2011 was fuelled by a hike in activity in the $600,000-plus and under-$200,0000 price categories. “While sales under $200,000 remain strong, there has been an increase in activity in the $200,000 to $299,999 price range,” says Jablonski.
Sales in this price category accounted for 41.64 per cent of condo sales in January, compared to 38.41 per cent during the same month last year. This increase resulted in a fewer transactions in condos priced $400,000-plus, he says.
Average prices were $268,526 in January, down from $288,291 in 2011.