Townhome, condo sales heat up
New listings also on the upswing in hot market
Resale activity of both condo apartments and townhomes in Calgary increased last month from a year ago, says the Calgary Real Estate Board.
Last month, 360 townhomes changed hands, marking a five per cent uptick from 342 sales in April, 2013. During the same time, apartment sales climbed 4.6 per cent with 449 deals, up from 429 a year ago. In both sectors, growth in new listings was higher than the increase in sales. The bolstered selection for buyers is welcome news, says CREB president Bill Kirk.
New listings of townhomes increased 11 per cent with 684 units added to the market, up from 615 during the same time in 2013. For apartments, there were 486 new listings, up seven per cent from 454.
“Many consumers are interested in entering the market, but the lack of choice poses challenges,” says Kirk. “While we are still early in the season, if this trend continues, it should provide more opportunities for consumers who have been unsuccessful with finding properties.”
From January 1-April 30, new listings of apartments were 16 per cent higher than the same time in 2013. On the townhome side, new listings saw an eight per cent upswing during the first four months of 2014 from a year earlier.
Last month, both townhomes and apartments also saw prices increase. Townhomes sold for a benchmark price of $316,700, up 9.6 per cent from $288,900. The benchmark price is that of a typical home based on a formula that uses various factors to ensure accurate comparisons. For apartments, the benchmark price last month was $291,700, 11.6 per cent higher than $261,300 a year ago.
Southwest Calgary topped all sectors of the city in resale of apartments and townhomes in April. Zone C, which roughly covers the quadrant, reached 400 sales last month. The quadrant was led by 53 sales in the inner-city community of Connaught and 26 sales in Victoria Park.
Next was Zone A (northwest), with 223 transactions. Its top-selling communities were Panorama Hills (28) and Country Hills Village (14). Zone D (southeast) had 107 sales last month. McKenzie Towne led this area with 26 sales followed by Cranston’s 12.
The fewest sales came in northeast Calgary, which roughly translates to Zone B. It saw 79 apartments and townhomes change hands last month. It was paced by 13 sales in Taradale and seven deals in each of Rundle, Marlborough Park and Falconridge.
CREB president Bill Kirk says more selection on the condo resale market is welcome news.