Calgary Real Estate Market Update - May 2, 2013

If you've been actively looking for a home or watching the sale signs, you already know what's in this update. The market has picked up pace. Especially in the lower price points, homes and condos are selling quickly. Drive around and you'll see more signs with sold stickers than those without. Multiple offers are becoming more common and the pressure to decide quickly is increasing.

The timing can be stressful, but preparation and understanding the process, expectations, paperwork and market before you start looking at properties can really ease the situation and make it more exciting than overwhelming.

For sellers, it is now statistically a seller's market, however homes must be well presented, marketed and priced appropriately to see a more active buyer response and the highest price. Presenting your home to show off its best is as important as ever. The homes that I've seen in multiple offers are those that are presented to buyers in the best condition possible, scrubbed clean and de-cluttered with an attention to flow, space and curb appeal.

A seller mentioned the other day that they would be the only house in the area if they listed today so why bother with the prep. They are right in that their home will sell, but will the prep affect price? I think so.

Notable Numbers from the Calgary Real Estate Board:

The benchmark price of single-family homes reached a new high of $452,900 in April, as market conditions that favour the seller finally drove prices above the unadjusted peak of 2007.

Single-family sales totalled 1,611 in April, nearly two per cent higher than the previous year, but year-to-date figures are similar to levels recorded in 2012. Sales growth in the first part of the year was stifled by a shortage of new listings and inventory. However, the year-over-year increase of 6.2 per cent helped support sales growth in April.

After the first four months of the year, condominium apartment sales totalled 1,258 units, an 11 per cent increase over the previous year. Sales growth outpaced the number of new listings, causing inventory levels to decline to 893 units. This pushed the market toward a sellers’ market.

Tighter market conditions supported a year-over-year benchmark price growth of 7.35 per cent. Unlike the single-family sector, however, condo apartment prices remain well below unadjusted highs recorded in 2007.

There were 3,497 new residential listings in the city, an eight per cent increase relative to 2012. Sales activity also increased to a total of 2,376. Residential year-to-date sales improved by nearly four per cent compared to the same time in 2012. Meanwhile, citywide benchmark prices totalled $406,000 a seven per cent rise over the previous year.

Link to CREB Statistics Package

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