Are we getting used to a little uncertainty or do we have some confidence in our local market?
In figures released by CREB® (Calgary Real Estate Board), residential sales continued to gain momentum in Calgary this year, totaling 14,832 after the first three quarters, a seven per cent per cent rise over last year.
There seems to be more stability in single family home sales than condos, but even the condo market is seeing new projects come on line with success. I am noticing that move in ready homes are selling faster than those that need some maintenance or work, so if you are considering a sale, it is worth the time to update any required maintenance, remove some old wallpaper and show off a well staged home. All those shows on HGTV have put some high expectations into the minds of home buyers. At the same time, if you are handy, this a great time to buy that home with the fabulous layout but ugly purple carpet and pink wallpaper. You may find it is a great deal.
“Despite recent turmoil in the global economy, Calgarians are showing confidence in the long term prospects for the city and are taking advantage of affordable and stable home prices,” says Bob Jablonski, president-elect of CREB®.
“Undoubtedly, there are a lot of unknowns in the world’s current financial situation, but Calgary and Alberta may be relatively safe havens amidst this uncertainty. Granted, gains in the housing market have been very gradual—but we are seeing signs of improvement. Our province’s growth is expected to outperform the national average, and this will help buoy consumer confidence in Calgary and Alberta.”
Have you noticed the hiring signs and job fairs happening in our city. It is a sign that more great people are needed to keep up with the growth in our city. Recent announcements in the oil and gas sector as well as health care and staffing up required hospitals will bring more great folks to our city. If you have family or friends considering a move to Calgary, have them give me a call and I would be happy to introduce them to what Calgary has to offer.
Some notable numbers:
Single family home sales totaled 1,036 for the month of September, 2011, an eight per cent increase over last September. Year-to-date sales totaled 10,518 units a 10 per cent increase over last year. Monthly gains in listings brings inventory to 4,753 units, a level still lower than the previous year.
The average price of single family homes for the month of September, 2011 was $466,167, while the median price was $400,000. Jablonski indicated that while prices have marginally improved compared to September 2010 figures, on a year-to-date bases both the average price and median price have remained relatively stable.
After the first three quarters of this year, condominium sales totaled 4,314, a two per cent rise over the same period last year. “While the increase is modest, it is a move in the right direction,” noted Jablonski, adding that a boost in condominium sales, along with a lower number of listings is helping to tighten this market. At the end of September, 2011, condominium inventories totaled 2,008 units compared to 2,204 units recorded in September 2010.
Average condominium prices reached $299,508 in September, 2011, appearing to record a significant increase. However, the increase in price is not caused by a general price rise, but has been pushed up by a $4 million plus sale. In fact, both the median price of $260,000 and the year-to-date figures continue to trend lower than figures recorded last year.
As always, feel free to give me a call if you have questions about the sale of your home or a move to your great new home.
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