Condo resale market climbs in May
Calgary’s condo resale activity climbed 35 per cent in May, compared to the same time last year, says the Calgary Real Estate Board.
In fact, there were 675 apartment or townhouse sales last month after only 500 condo units changed hands in May 2011.
The average resale price for condo apartments last month was $280,030. For townhouses, the average price was $330,446.
High-end condo sales are also on the upswing in the city. After the first five months of 2012, 10 townhouses priced from $900,000 were sold in the city — only three units in that price range changed hands during the same period in 2011.
For condo apartments, eight units have sold for at least $900,000 so far in 2012, compared to five units last year.
Zone C, which roughly covers southwest Calgary, paced the city in condo sales last month with 385. The zone also saw the highest average resale price at $322,204. It also paced the city in inventory with 1,016 available units.
Located in Zone C, Connaught topped all Calgary communities in May with 49 units sold. Also in Zone C, Springbank Hill had the highest average price at $571,200.
A distant second to Zone C’s sales totals in May was Zone A, which roughly corresponds to northwest Calgary. It saw 189 sales at an average resale value of $295,682.
Zone D, which roughly covers southeast Calgary was third in sales totals last month with 69 at an average resale value of $263,609.
The slowest area of the city for condo sales was Zone B, which roughly covers northeast Calgary. It had 32 sales at an average price of $170,893. The community with the lowest average price in the city was Forest Lawn at $88,000.