The hot housing market in Calgary continued to heat up during the month of August as both prices and sales increased. According to the statistics on the Calgary Real Estate Board website, this August was the 17th month in a row where increases in sales have been reported. As well, August was the 31st month in a row to record price gains on a year-over-year basis.
Condo sales for the month were booming with 452 condominium apartments changing hands last month, which was a yearly increase of 13.85% when compared to the number of condos sold in August 2013. Condos remain relatively affordable, which attributes for much of the sales surge. The average price for a condo was $332,005 while the median price was at $287,500
At the same time, the sales of single-family homes dropped on a year-over-year basis by 2.38%. This August, 1,477 homes of this type were sold. The average price in the single family home market went up 5.42% to $545,237 while the median price increased by 6.47% and reached $479,000.
In the townhouse sector, 338 townhomes were sold in August, which was a sales increase of 19.86% on a year-over-year basis. The median price for a townhouse went up 9.86% to $339,894 while the average price increased 13.27% to $377,958.
There were a lot of new listings hitting the market in August, which will help bring forward a more balanced market here in the city. New listings increased by 13.6% to 3,150 while active listings also went up by 17.89% to 4,593. Last year, during the month of August, there were a total of 3,896 active listings.
Overall, sales in the city of Calgary reached a total of 2,267 units. This was a 3.42% increase compared to the 2,192 total sales that took place in August 2013.