In August 2012 the benchmark price for a condominium was up 3.6% to $248,700 over last year's price. The benchmark monthly price for a townhouse was up 2.5% to $278,200. This price for condominiums is still 16% below the peak levels seen some years ago but the increase represents the continued recovery that's currently taking place.
In August 2012, 558 condos were sold in Calgary, which was an increase of 19.2% over last year's August figures. The average days on market for a condominium apartment was down from 54 days in August 2011 to 51 days in August 2012
When a market has an inventory of less than 2 months it is considered to be a seller’s market while 5 months or more can be considered as a market for buyers. Right now the inventories for Calgary condos and single-family homes are considered to be balanced.
While some experts are still forecasting price declines in the Calgary real estate market there is a lot of confidence being exhibited by consumers right now, which may easily prove this wrong. Although this housing recovery can be threatened by national economic concerns, local economic growth is not likely to support another price correction in Calgary in the foreseeable future.
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