Calgary, August 2, 2011 – According to figures released today by
CREB® (Calgary Real Estate Board), residential sales continue to trend
towards recovery. After the first seven months of the year, single family
and condominium sales totaled 11,798, a 5 per cent increase over the
previous year. While the improvements signal market recovery, overall
sales levels remain 17 per cent below the 10-year average for this period.
“The recent rise in average days on market, especially in the single
family sector, shows that while properly priced homes are selling
quickly, over-priced listings remain on the market for a longer period
of time. Improving market conditions may have signaled some sellers
to be overly optimistic regarding pricing, resulting in a disconnect
between seller and buyer expectations,” says Sano Stante, president of
CREB®.
Single family sales for July 2011 were 1,153, with a total of 8,380 sales
for the first seven months of 2011, an 8 per cent increase over the same
period last year. Meanwhile, year-to-date listings continue to remain
lower than last year, resulting in inventories trending lower than last
year as well. Overall months of supply remain around four months
within a balanced range.
“A good selection of housing inventory, combined with positive
economic fundamentals, is encouraging buyers into the market,” says
Stante. “Buyers are still quite value conscious, and in the current
market are able to take advantage of the range of selection in a stable
price environment.”
Condominium sales continued to bounce back this month. July 2011
condominium sales total 453, a 14 per cent rise over last year, while
year-to-date sales remain 3 per cent lower than the same period in
2010.
“Excess supply and lower demand have negatively impacted the
condominium market over the past year,” says Stante. “Nevertheless,
the recent pickup in sales, combined with fewer new listings, has
gradually reduced inventory levels of condominiums, lowering the
month’s supply of inventory from over six months last year to just
above four months in July 2011.”
The average price of single family homes in July 2011 was $455,849
and the median price $409,000, similar to levels recorded in July of
last year. Condominium prices also remained at levels similar to the
previous year.
“Interest rates will likely remain low for the remainder of the year.
This factor, combined with relatively stable housing prices and wage
growth, will help support affordability levels and promote a healthy
housing market in Calgary,” Stante concludes.