May 2011 Calgary Stats Real Estate Market Update

I read an article lately that made light of comments that blamed the real estate activity on the less than stellar weather we have had lately. Well, they should have watched my phone during the recent week of rain. Rainy day = few calls. The day after rainy day = non stop phone calls, showing bookings and property inquiries. Yes, we are rather worn out by the long winter, thrilled to see sunshine and maybe in a little bit of watch and wait mode. Buyers and sellers are also definetly on different pages right now when it comes to pricing and expectations.
The inner city market has been picking up more than other areas and the current market trends reflect the move by many folks toward a lifestyle with a great emphasis on local amenities and shorter commutes to work. The expansion of the LRT is also a topic of conversation with most buyers and a couple of recent purchases have focused on transit access to work and school.  Did you know you could zoom in on and see all the local transit stops and bus lines to find out how close your prospective home is to transit?
With positive growth forecasts issued by many institutions and the stabilization of inventory we are expecting continued strengthening of the local markets.  The effect on any particular property is very dependent on location, type of property and how well a home is presented.
Some notable numbers from the CREB stats update:
The average price for single family homes in May 2011 was $489,482 and the median price $423,000, comparable to levels recorded last year. Single family home sales were 1,313 in May 2011, a 5 per cent increase over last year, while 2,552 listings came to market, a 14 per cent decline over the same period last year.
The decline in listings has caused inventory levels to come down to 4,616 units, an 18 per cent decline from last year. Moderate sales and a reduction in inventory have resulted in a decline in months of supply compared to May 2010. 

To date, the single family market has fared better than the condominium market, as prices have come down from peak levels recorded in 2007 providing individuals more options with regard to home ownership, noted Stante.  After the first five months of the year, single family home sales were 5,835 units, consistent with sales levels during the same time frame last year. 

“With just under four months supply, we expect single family home prices to remain stable in the coming months,” says Stante. “Provided that interest rates remain moderated, we are positive about the near term stability and recovery in the Calgary real estate market.”

The inventory of condominiums continues to remain higher than average, but has declined by 21 per cent from levels recorded in May 2010.
 Condominium sales were 503 for May 2011, 3 per cent lower than last year’s figures.  Year-to-date condominium sales are 11 per cent lower than last year’s levels, however, listings have declined by 19 per cent as well over the same time frame, placing downward pressure on inventories.
As always, if you have any questions or need assitance with the purchase or sale of a home, give me a call anytime.
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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®.
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