June 2011 Real Estate Market Update

The real estate market in June 2011 is displaying more consistent signs of recovery. A balanced market has been maintained during the recent surge in sales. Although sales have been increasing, prices seem to be stable and are on par with the same time last year.  If look back in the recent months, there has been recovery from the lower prices and slow sales we saw in the fall and winter of 2010.
I continue to list homes and have been showing a large number of homes to prospective buyers. I see buyer reactions every day and I have to continue to emphasize to sellers that it is a competitive market. Pricing, presentation and marketing are essential to get folks through the door and then to be impressed once they visit. Before accessories and upgrades, the most important factors in accentuating a home are cleanliness, home maintenance and general state of repair. That loose door handle or paint scratches can cost much more on a sale than the cost of repair. Many current new home buyers are in the younger demographics and they have high expectations.
June 2011 was also the first month of improvement in the condo market since April 2010. There continues to be a large inventory of new units, but resale numbers are starting to reveal a balanced state.
What does all this mean to you? It depends on your goals and where you wish to buy or sell. Whether you work with me or some of the other great Realtors in Calgary, get the advice and guidance you need to make your best decisions.
Some numbers and info from the CREB stats release:
According to figures released today by CREB® (Calgary Real Estate Board), residential sales surged in the month of June 2011 to 1,979 units.  While this indicates a third more sales than June 2010, the year-to-date increase proved a moderate 2 per cent. Strong monthly increases does not imply a housing boom, as it is important to put into perspective that sales activity remains below long term averages.  While the single family market has shown signs of improvement throughout the first half of this year, this is the first time since April 2010 that condominium sales have recorded a year-over-year increase.   
With 581 sales for the month of June 2011, the condominium market improved by 31 per cent over June of 2010, however year-to-date figures show a 5 per cent decrease over the same period last year. 
The single family market recorded 1,398 sales in the month of June 2011.  This is an increase of 32 per cent when compared to June 2010 when 1,059 single family homes sold in the city of Calgary. With a total of 7,231 sales after the first half of the year, year-to-date single family sales are 6 per cent higher than last year.  
Year-to-date average price of a single family home in Calgary is $472,330, while the median price is $410,000, virtually unchanged over levels recorded in the previous year.  The distribution of sales by price range has not shown any significant shift compared to last year, pointing to continued stability in the market. 
 “After the first half of the year, it appears the recovery in the housing market is starting to find its footing.  This gradual leveling has been fueled by growth in employment, and in particular growth in full time jobs.  Improved job prospects, combined with an increase in the number of people moving to Calgary, will give lift to our housing market for the remainder of this year and into the next,” says Stante.
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