On Tuesday of this week, the Calgary Herald speculated that we might be seeing a boom in the near future in the Calgary condo market. Here's the story: Read MoreHere are the thoughts of the writer:
- Two new condo projects are being announced now
- Demand is increasing according to one of the projects sales managers
- Sales of some recent new projects have been solid
- Employment growth, increased earnings and increased net migration to the province and the city seem to be fuelling demand in the condo market again
Those are his comments for the new condo market which will add many hundreds of new condo apartments in the next several years. There are dozens of other projects currently selling apartments and townhouses today.
The resale market is also experiencing signs of positive growth. As of this minute, and so for this month, there have been 317 condo sales for an average selling price of $303,901, according to the Calgary Real Estate Board Co-Operative's MLS® System. If this average price holds up this month, it will be the first time since May 2010 that the average MLS® System sale price for a condo has been over $300,000. In May 2010, it was $304,662.
Not so surprising, the median selling price of a condo so far this month is $260,000. Why the big difference? There have been four condos that sold at over $1,000,000 so far this month. And one of those sold for an incredible $300,000 below asking price!
At this moment, there are still 2,089 condominiums for sale within the city with 34 of those priced over $1,000,000. There's still lots of choice and we're clearly still in a buyer's market with over 4½ months worth of inventory on the market today!
What do you think, are we heading for a "condo boom"?
If you'd like more detailed information or are considering buying or selling a condominium, don't hesitate to call, text or email me today! It would be my pleasure to help.
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