May 2012 residential sales in the City of Calgary increased by 31.8 per cent over last year, to 2,385, making it the highest May activity since the recession.
Now that is a statement.
It has been a very busy spring market and the recent activity has reduced the average days on market and increased the list to sale ratios meaning folks are buying quicker and at closer to asking price. There has been an increase in prices and the average numbers and benchmark numbers are in the CREB statistics packages in detail for various property types and price ranges.
Now that we have seen an increase in prices, it will be interesting to see the seller response in terms of new listings. The general feeling is that we are on a positive course in a balanced market, but not at risk of the boom price jumps of 2006/2007.
An important item to note is that many new home builders that had multiple spec homes available last year now have limited quick possession properties available in some areas. The absorption of that available inventory is not reported in MLS statistics.
The positive economic outlook for Calgary has much to do behind the positive numbers which are the envy of many other parts of Canada. If even half of the recent headlines regarding job prospects and economic growth are true, we have a very positive future ahead.