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Summary of resale condominium market:
– 5000 transactions in Q2
– 2.7% increase in prices, now up to $407 per sf
New condominium market:
– 4769 units sold, down a noted 21% from Q1-2012 and a whopping 50% from Q2-2011
– most Q2 activity took place at end of the quarter; 88% of those units under construction and 79% of active units moved – unsold units sat at 18,123, a market high
– $525 per sf, an annual increase of 7.2%
Conclusion:
The decline in new units sold and the substantial number of unsold units could be read as an indicator that the market is slowing down. Despite the numbers, Urbanation maintains their positive outlook for 2012, forecasting 20,000 new condominium sales and 17,500 resales for year-end.