Calgary condominium sales have surpassed last December’s month-end total and are on pace for the highest December tally since 2007.
A total of 324 units have sold in the 4 weeks this month, ahead of 2011’s month-end of 308 sales. Even if no more condos were to sell for the rest of the month, sales would still end up 5% y/y.
The median price has remained relatively steady since 2008, while the average price is second only to 2007’s. (Put more stock on the median than the average)
What’s more interesting is how inventory has been in short supply compared to previous winters – currently at its lowest December level since at least 2007, down -24.6% from a year ago.
Besides lower inventory, new listings aren’t keeping up with the amount of sales. So far in December the Sales to New Listings ratio for Apartments is at 152% and at 102% for Townhomes. This means that despite any new listings being added, inventory has continued to trend lower this month. Last year the ratio for Apartments was 87% and 100% for Townhomes.
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