Calgary real estate had a solid February, with the condo market starting to see some signs of improvement. According to the latest numbers from the Calgary Real Estate Board (CREB), prices declined, sales increased, and inventory dropped.
Calgary Condo Benchmark Price Drops
Some mixed indicators in terms of Calgary condo prices. The benchmark price fell to $269,200, a 5.14% decline from the year before. However, the average sale price increased to $314,224, up 2.2% from the same time last year. The average price is a touch higher, as February 2017 had a 111% increase in sales above $500k vs the same time last year.
Breaking down the benchmark prices, some areas saw a much greater drop than others. The North East area of Calgary saw the benchmark price fall to $197,000, a massive 14.61% drop from the same time last year. The smallest decline was in North East Calgary, where the benchmark fell 0.48% to $269,600. Incase you missed it, all areas saw the benchmark decline year over year.
Calgary Condo Sales Increase
Calgary saw a massive increase in condo sales in February. CREB logged 236 sales for the month, a 40.48% increase from the same time last year. Dollar volume saw a similar increase, with $74.15 million in condo sales completed. All good news except for the days on market, which fell by 32% to 66 days.
Calgary Condo Inventory Declines
Condo inventory saw declines, but not a huge drop. Inventory fell 0.22% to 1,387 listings, and new listings for February dropped to 581, an 8.79% decline. The increase in sales, and a decline in listings helped months of supply drop to 5.88 months. This is a 28.97% decrease from the year before. To contrast, a market like Toronto currently has around 1 month of inventory.
What are you seeing in the Calgary market? Give us a tweet, and let us know.
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