MONDO CONDO

Pace increases for condo sales
By Josh Skapin
Calgary Herald April 11, 2013

Sales of resale condos were on the upswing in March compared to a year earlier, says the Calgary Real Estate Board.

Sales climbed to 630 deals, up 6.6 per cent from 591 transactions during the same month last year.

Townhomes led the charge in sales with 283 moves after 235 units changed hands a year earlier, marking a 20 per cent change.

That came with a 10.3 per cent climb in new listings with 395 after there were 358 last March.

The apartment market, on the other hand, saw little change, easing 2.5 per cent.

“The condominium apartment market remains in balance,” says CREB chief economist Ann-Marie Lurie, in a news release.

Last month 347 apartments were sold after 356 deals during the same time in 2012.

New listings of apartments eased 13 per cent at 560 after there were 644 during the same time last year.

“While it has moved to the lower end of the spectrum, it remains better supplied than the single-family market and the majority of product available is in an affordable price range,” says Lurie.

While condo apartments dipped in sales, the benchmark price went up six per cent. The benchmark price is that of a typical home based on a formula that uses various factors to ensure accurate comparisons.

For condo apartments, the benchmark price was $257,700 last month, up six per cent from $243,000 a year earlier.

The townhome benchmark price also increased last month compared to a year earlier.

It reached $286,800 for a four per cent step up from $274,600 this time in 2012.