Market Update - August 2011 stats published

Stability seems to be the word of the day based on the August numbers from CREB. To view the full creb package, see the link below. CREB has also released the 'City of Calgary Residential Resale Market Update' recently along with the 'Calgary and Region Economic Update' from the City of Calgary CFO Office. All of these docs are publically available for the economist in all of you. :) If you wish see a copy just send me a note.
From a local perspective the numbers are looking more encouraging with more migration into the city and positive news from the energy sector. With many major projects coming on board in the province the increase in career search ads has been noticable.
Depending on what newspaper you read, you may be seeing the current international economic ups and downs as uncertainty or as  opportunity. If you look just at local indicators, we would expect the market to start booming, however, international indicators seem to be putting a lid on the pot and holding the current status in simmer. It is a time of risk/reward so folks are reviewing their numbers and reviewing their options.
What is the result of all of this? Sellers have to present at their best and buyers have to be on the lookout for great properties and take advantage of the opportunities. With the interest rates expected to remain at current levels for at least another quarter, the combination of buying power and low interest rates is an opportunity that many buyers are considering and we'll see if the simmer in the local market has the opportunity to flourish.
Happy Shopping.

From the CREB Press Release

According to figures released today by CREB® (Calgary Real Estate Board), the year to date average price for single family resale homes reached $468,051, a one per cent rise over last year. Condominium prices continue to remain one per cent lower than last year’s figures with an average price of $288,167 after the first eight months. The 2011 year to date median price of single family and condominium homes were a respective $410,000 and $263,000.
“When looking at Canada’s major cities, Calgary is one of the most affordable regions for homeownership in the country,” says Stante. “Buyers are benefiting from improved selection at all price ranges in the market. In fact, nearly half of all single family homes sold year to date were priced below $400,000. Well priced properties seem to be moving in this market.”
The single family market recorded 1,106 sales in the month of August 2011. This is an increase of 28 per cent when compared to August 2010 sales, which were the lowest levels of August sales since 1994. Year to date sales of 9,485 are 10 per cent higher than last year’s figures.
Single family inventory levels reached 4,573 in August, a nine per cent decline over last year’s levels. The recent rise in listings was counteracted by robust sales, keeping absorption levels at four months compared to the six months recorded in August 2010.
As in the single family market, condominium inventories of 1,997 were lower than last year’s levels. The market conditions have changed significantly as inventory levels continue to decline. Recent improvement in sales, combined with lower listings, has resulted in a year over year decline in the months of supply.
Condominium sales amounted to 468 units in August 2011, with a year to date total of 3,885 similar to levels recorded in the first eight months of 2010.
Stante states “With Calgary’s energy sector slated to grow, it is expected to lift the city’s employment, income and in-migration, and in turn help contribute to growth in the resale market. We expect price growth to improve as we approach the end of 2011 and move into 2012.” 

Review the full stats package.





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