The evening news was interesting last night. There was a segment about the real estate numbers moving downwards last month followed by the projected boom next year in the oilpatch as well as the growing concern there may not be enough workers available to meet the demand. The economy is showing signs of recovery yet, as usual, the real estate market takes a little while to reflect the change. Folks are hesitant and folks want to buy at the bottom. The one thing to remember is that as the prices go down so does inventory.
In the recent weeks I've been working with a lot of buyers. I am finding folks are able to afford more of the things on their wishlists such as larger homes, upgrade finishings, preferred views as well as access to neighbourhoods that were previously out of reach. Couple the reduction in prices this year with 5 year fixed rate mortgages being offered at 3.69%, the current market is a great opportunity to buyers. While some homes are sitting, a number of buyers have seen their preferred homes sell. The timing for your purchase is up to you.
I`ve also spoken to a number of folks considering listing their homes for sale. Timing is everything and while some have chosen to wait until spring, others are pondering their options. This is a time for careful pricing, exceptional marketing and staging/presentation that leaves a buyer feeling with that "I want to live here" feeling.
The numbers for October were not reflective of the more positive turn in September. Notable numbers and quote from the CREB update:
The number of single family home sales in the month of October 2010 shrank by 7 per cent at 888, compared with September 2010, when sales were 958. The number of condominium sales for the month of October 2010 was 310. This was a decrease of 15 per cent from the 366 condominium transactions recorded in September 2010.
The average price of a single family home in the city of Calgary in October 2010 was $444,744, showing a 3 per cent decrease from September 2010, when the average price was $460,278, and a 4 per cent decrease from October 2009, when the average price was $462,465. The average price of a condominium in the city of Calgary in October 2010 was $287,793, showing a 1 per cent increase from September 2010, when the average price was $284,028 and no significant change over last year, when the average price was $289,155.
The median price of a single family home in the city of Calgary for October 2010 was $387,900, showing a 1 per cent decrease from September 2010 when the median price was $390,000. This was a 5 per cent decrease from October 2009, when the median price was $410,000. The median price of a condominium in October 2010 was $255,000, showing a 4 per cent decrease from September 2010, when the median price was $265,000, and a 3 per cent decrease from October 2009, when it was $263,500.
“Our average price is being buoyed by more sales in the million dollars plus category. Despite a slowdown in certain market segments, homes sold in the city of Calgary at a million dollars or more have actually seen an increase of more than 15 per cent when compared to the same time one year ago. This boost in sales is, indeed, a bright spot in our current market,” says Scott.
Single family listings in the city of Calgary added for the month of October 2010 totalled 1,765, a decrease of 22 per cent from September 2010 when 2,252 new listings were added, and showing a decrease of 3 per cent from October 2009, when 1,819 new listings came to the market.
Condominium new listings in the city of Calgary added for October 2010 were 721, down 22 per cent from September 2010, when the MLS® saw 921 condo listings coming to the market. This is a decrease of 16 per cent from October 2009, when new condominium listings added were 859.
As always, feel free to contact me anytime regarding your real estate questions, properties of interest or future plans. I am happy to provide you the personal service you need to meet your goals.