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If February is any indication, then Calgary is on the road to a real estate recovery. It is expected to be gradual and not consistent across property types and areas of the city, but positive to see such encouraging numbers.
 
A reminder to folks that some minor changes to mortgage lending rules come into effect on March 18. If you are working on a 35 year ammortization, you must have a firm purchase contract in place by March 18. Other changes including refinancing amounts and the availability of HELOC mortgages (home equity line of credit) also come into effect.
 
The numbers for February also indicate a drop in the average days on market and an increase in the list/sale price ratio. Homes are selling quicker and closer to list price than in previous months.
 

Some notable numbers this month from the CREB press release:


The number of single family home sales in the month of February 2011 were 1,169, compared with January 2011, when sales were 791 — an increase of about 48 per cent. The number of condominium sales for the month of February 2011 was 468. This was up from the 302 condominium transactions recorded in January 2011.

 

Year-over-year, the number of single family homes sold in February 2011 in the city of Calgary increased by 13 per cent. In February 2010, single family home sales totaled 1,035. Condominium sales saw a decrease of 13 per cent from the same time a year ago. In February 2010, condominium sales were 536.
 
“The convergence of affordability, low interest rates, a good selection of inventory and improved confidence in the Alberta’s energy sector is building the foundation for a sustainable housing recovery,” says Sano Stante, president of CREB®. “Sales of single family homes priced below $400,000 are driving the gradual recovery, with the expectation that as the year progresses we should see the sales shift to homes priced in the mid range of the market.”
 
The average price of a single family home in the city of Calgary in February 2011 was $461,786, showing a 2 per cent increase from January 2011, when the average price was $454,163, and a 1 per cent increase from February 2010, when the average price was $458,254. The average price of a condominium in the city of Calgary in February 2011 was $290,145, showing a 1 per cent increase from January 2011, when the average price was $288,291 and a 3 per cent increase over last year, when the average price was $282,880.
 
The median price of a single family home in the city of Calgary for February 2011 was $400,000, showing a slight increase from January 2011 when the median price was $390,000. This was a 3 per cent decrease from February 2010, when the median price was $411,000. The median price of a condominium in February 2011 was $267,000, showing a 5 per cent increase from January 2011, when the median price was $255,000, and remained virtually unchanged from February 2010, when it was $265,900.
 
Personally, I have been very busy throughout February and have found some great new homes for some wonderful clients. I am looking forward to handing over many keys in the coming weeks. As well, my current listings have all sold so give me a call if you are preparing for sale and haven't yet contacted me for a market evaluation.
 

View the press release and current housing statistics.

 

Cheers,

Monika

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Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
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