Throughout the month of April, we sold 8 unique condos, making it part of another impressive month for us. If you missed our last blog on our record-breaking roundup, you can read it here. We’re really excited to see demand increase for these types of places in Calgary, as we haven’t seen this segment so strong since 2014. The latest jumps in the market make us excited for what is to come in the inner-city and it’s making many of our clients dream of that sweet sweet condo life!
The Trends
We’ve seen a massive shift in the condo market over the past 16 months. The sales volume and average prices are up, while average days on the market is down. When we look at the year to date, apartment condo market sales are up 84%, average price is up 7.5% and days on market (DOM) are down 20% to 47 days (from 59 days in 2021). For those who may not be aware of real estate lingo, days on market refers to the average number of days it takes to sell an apartment condo.
Taking a more granular look, it’s clear that April 2022 saw sales up 48%, prices up 4.6% and DOM down to 35. These numbers are all compared to April 2021!
If you’re asking us to predict what might happen next, we expect this trend to continue as net migration to Calgary continues to grow, buying power decreases with rising interest rates and prices for other segments (townhomes, semi-detached and detached) also continue to rise, causing ownership costs to increase. Those who are wanting to buy a townhouse in 2021 may be pivoting to buy a condo, as townhomes have also increased significantly and may be out of the range of affordability for some buyers. 🏠
If you want to chat, feel free to shoot us an email to office@lesliemethot.ca.
