Well, it's really not a huge surprise for anyone who has been paying attention to the Calgary real estate market, that we are up up up across the board. In some areas, we are even outpacing the long-term ten year average. At the head of the surge are the condos pushing double digit increases in sales, pricing and inventory. Who knew? Well, we did.
May saw more than a thirty percent increase in the number of condos sold this year compared to last, and the average price has also increased anywhere from 3% to 16% where the apartment style condos are on the upper end of that range. Compared to last couple of months, the monthly additional inventory of condos (new listings) has increased steadily. For the month of March there were 1119 condos newly listed (combined townhomes and apartment style). April saw 1170, not much of an increase. In May however we're looking at an increase to 1390 units newly listed. Strangely in June, the number defied us and lowered to 1217 units introduced. Although there seems to be a stammering, keep in mind that there are as of right now there are 1629 units for sale in Calgary. So far this month, the number of new listings introduced total just 35.
With respect to the condo market, a lot of talk has been centred around the higher price and the inventory numbers. If supply and demand become closer in volumes, we will approach a balanced market, where the seller and the buyer will have equal footing. This situation will also help to ease the price increases over the next while. However, if the inventory begins to run low and the influx is slow, we could see the prices climb even higher than they are now at current record highs. With these latest numbers, will it balance, or will it tip? We shall see.