Condo prices jump $90K

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By IAN WILSON

City condos jumped an average of nearly $90,000 in value over the last year, pushing prices to their highest levels ever, according to the Calgary Real Estate Board.

Stats released by CREB today show the average condo price in May rose 49% from the same month of 2005 to a record $270,861.

From April to May, condominium values increased an average of 5.6%.

The number of condos changing hands was also up for the month, climbing from 861 a year ago to 1,001 last month.

Activity in the condo market was echoed by the entire home realty sector.

There were 3,550 combined residential sales in May, another record for the month, and the average sale price soared 43% from $249,719 in May 2005 to $358,214 last month.

"The Calgary and regional real estate market continues to unfold with numbers predictable to the strong economic climate," said CREBpresident Kevin Clark.

"With the summer market soon upon us, we would anticipate a softening of unit numbers in the weeks ahead, but the prices to remain on a positive trajectory."

Single-family homes made up the bulk of the sales, accounting for 71% of all realty transactions in the city.

The average price for single-family dwellings is creeping towards the $400,000 mark.

After rising 43% from a year ago, it now sits at $396,694.

In the single-family category, just over 58% of people bought within the $300,000-$499,000 range.

The luxury market also continues to zoom along -there were 48 single-family homes valued at $900,000 or greater bought in May, compared to 21 sales for the same month of 2005.

So far in 2006, there have been 196 sales in that area, up from 89 during the first five months of last year.

And those who like their space and can afford to pay for it also boosted rural sales.

A rural home in Calgary jumped from an average of $488,522 last year to $786,477.

Just buying rural land now costs an average of slightly less than $500,000.

Meanwhile, even mobile home values are escalating.

The average sale price for a mobile home in May 2005 was $35,831 - it now sits at $41,880.