Market Update - March 2011 Stats

CREB released the March monthly stats package yesterday. Single family home sales continue to drive the market with NW Calgary seeing the larger increases to sales in the city.  We are currently in a balanced market with an average 3 months of inventory across the city, however location and property type have an effect.  Homes that are well priced and show well are selling quickly so careful attention to pricing, presentation, and marketing are essential.
Condominiums continue to lag behind in sales and prices from 2010, however, they are expected to rebound in the later half of the year so it is a great time to see what options are out there. Purchasing a condo is different than purchasing a single family house so if you are considering a purchase of a condo, check out my recent post: "So you Want to Buy a Condo?"
Although today's snowfall has put a damper on even my enthusiasm for being outdoors, we are very quickly approaching the spring market and the usual increase in activity.  I'm really looking forward to seeing my garden again.

Some notable numbers from the CREB stats update:

Single family home sales in the first quarter of 2011 were 3,309, a 4 per cent increase over the first quarter of 2010. The combination of stable home prices, low interest rates and year-over-year improvements in employment are the primary factors fueling the growth. 

March 2011 single family home sales totaled 1,355, a 3 per cent decrease over March 2010 figures.  The decline in sales was accompanied by a 19 per cent year-over-year decline in new listings. As a result, inventory remained at three months, which indicates a balanced single family market.  

The NW sector boasted the largest gains in single family home sales in the first quarter of 2011 with 1,198 sales, a 13 per cent increase over the first quarter of 2010. Sales in the SE posted quarterly gains of 5 per cent, while the SW remained relatively unchanged and NE sales declined by 9 per cent.

The SW sector recorded the highest single family average home price in the first quarter of 2011 at $570,748, while average home prices in the NW and SE were $464,990 and $422,821 respectively. The NE sector continues to remain the most affordable, with average prices hovering around $282,713.

Calgary Metro average price of single family homes in March 2011 was $462,947, a 2 per cent decline from March 2010, and virtually unchanged from the previous month.  Meanwhile, the median price declined by 5 per cent compared to March 2010. 

Quarterly condominium sales continue to fall over levels recorded in the previous year, down by 11 per cent compared to the first quarter of 2010, while quarterly average prices are down by 1 per cent.  It is important to note the quarterly average price of condominiums is skewed upwards for 2011 due to the sale of a $4.1 million condominium.  If we remove this sale, quarterly average price would have declined by over 2 per cent.

If you have friends or family interested in selling or purchasing a home, please pass my name along. A referral is the greatest compliment.
No comments

Post Your Comment:

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.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.