Calgary Market Update - April 3, 2012

Spring is here and so is the start of a brisk season in the real estate market in Calgary.
City of Calgary residential sales continued to rise in March 2012, reaching 2,167 units, an increase of 12.6 per cent over last March. Single family home sales are now in a balanced market while condos still remain in a buyer's market.
Buyers generally are finding that well presented, appropriately priced homes are selling quickly and there are more multiple offer situations.  Sales and price increases are reported on average across the city, but there is significant variation between communities and property types as always.
As some people have been waiting for the market to turn before they list their home, the balance of new supply and buyer demand will create an ebb and flow over the coming months. It is important for sellers to review the comparable sales in their area, to price appropriately and to present their homes as best as they can to achieve a higher sales figure. Buyers quickly see the difference between homes priced to market and those 'testing the market'.
As more sellers are reviewing multiple offers, it is essential for both to be prepared. Getting paperwork, financing, condo documents, RPR's and other information ready to go will set you up for a successful transaction.

Notable numbers from the CREB press release:
Single family homes continue to record strong activity, with sales increasing by 10.3 per cent at the end of the first quarter. Meanwhile, quarter totals for listings of single-family homes remain 8.3 per cent lower, resulting in a tightening of supply. The benchmark price reached $433,500, while the MLS® Home Price Index points towards a price growth of 3.6 per cent compared to last year.
The apartment condominium market continues to exhibit lower sales, with 782 sales recorded in the first quarter of 2012, a decline of 2.1 per cent compared to last year. However, March sales activity did post a 7.2 per cent gain over last year and is closer in line with typical March sales in this sector. New listings recorded a year-over-year improvement of 9.1 per cent for the month of March, but still remain 2.3 per cent lower than last year at the end of the first quarter. Despite the monthly rise in new listings, inventories continue to decline. Overall market conditions continue to favour the buyer.

As always, feel free to give me a call with any questions or comments.
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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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