April 1-21, 2012 Calgary Real Estate Update

In the first 3 weeks of April there were 1,088 SFH sales, a +29.22% increase from the same time period last year. New listings are essentially on par to last April with 1646 compared to 1658 but inventory is down -16%.

Despite the substantial uptick in sales (most notably in the luxury market) and reduced selection, prices have edged a touch lower: from $484,453 to $482,003 or -0.51%.    The median was down -0.7% to $420,000.

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Condominiums

Between April 1-21, there were 454 units sold which is an increase of +17.9% y/y.  The average price was up +0.5% from $287,586 to $289,158.  The median was up +2.9% from $260,000 to $267,500.

It’s the townhome segment which is buoying the overall condominium figures.  Apartment style average prices are down -3.29% month-t0-date while townhomes are up +5.38%.


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3 responses to “April 1-21, 2012 Calgary Real Estate Update

  1. The luxury market seems to be roaring ahead of everything else. What does this signify? What do these buyers know that many yet don’t?

    It doesn’t necessarily signify anything: Is the luxury segment reflective of true market conditions
    -Mike Fotiou

  2. Would agree Luxury market does not mean too much , It comes down to what the average joe is doing. I think we are seeing a bit of a dead cat bounce now . With rate hikes beginning this year it will take a bite out of the roar of the lion. I think most of the cash in the market is disappearing fast and the banks are sending waves out there . Its going to be time to pay up for a lot of people.

    Will be interesting the last half of this year to see how this one plays out. The US is still having issues with defaults and housing in general.

  3. Inner city doing way way better than other areas. Some good performances in some suburbs but inner city is totally loco. What’s your take?

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