June 1, 2010
May Real Estate Statistics Available
The Calgary Real Estate Board (CREB) today released the statistics package for residential sales in May for Calgary. Some interesting dynamics are creating some numbers that can be misunderstood and I noticed in today's news that the presentation of the numbers may be misleading to some folks if taken out of context.
The average price of homes in Calgary have increased by 11% for single family homes from May 2009 and 5% since April 2010, but please note that this is because there were more "move up" buyers meaning that folks purchased more expensive property. This does not mean that the average price of the same home is worth 11% more today than last year. In fact, the higher levels of inventory and lower sales may indicate that some markets may be seeing a move towards a buyers market from the balanced market we have been experiencing. The prospects for Calgary are positive, and the interest rate conditions and changes to lending policies have created a somewhat unusual spring market.
The current market in Calgary reads differently for various neighbourhoods, property types, and price points. Some markets are seeing a seller's market, while others a buyer's or balanced market. The general statistics are not enough to determine how to price a property for sale or what to offer as a buyer. As usual, please don't hesitate to contact me with any questions or concerns.
Full CREB MLS Public Statistics Package
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