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.”