Calgary Real Estate February 2014 Monthly Housing Stats
CALGARY REAL ESTATE NEWS - Sales growth for the city of Calgary slowed down a bit for the month of February when compared to the previous month, which saw double digit gains. Nonetheless, February still saw an 8.68 percent increase when compared to February 2013. In all, 1,854 units were sold during that time period. Single-family sales still totaled 1,230 units during that period, representing a 1.9 percent increase when compared to the previous year.
Overall all, the demand growth within the single-family sector has been restricted due to a reduction in inventory. This reduction in listings can be traced back to slower sales growth within the sector. Asa result, the new listings within the sector fell in both January and February. This has further tightened the market, which was already undersupplied.
While the market remains tight within the single-family sector, both condominium apartment and townhouse sales have gone up by 28 percent when compared to 2013. This may be due to the fact that condominium apartment listings are typically available at a lower cost. Single-family homes below the $300,000 price point, for example, do not become available too frequently. Nearly 54 percent of condominium apartment listings, on the other hand, are below this price. This makes condominium apartments an attractive offer for those who wish to stay below the $300,000 price point.
The condominium market has also benefited from an increase in new listings. Altogether, the number of new listings combined has been 1,737 in 2014. Condominium apartment listings increased by 17 percent, while condominium townhouse listings increased by 4 percent.
Real estate experts predict that spring will see an improvement in listings within all sectors. This increase in listings will help ease the tightness in the market. Price growth, however, will vary according to community and property type.
For February, the unadjusted single-family benchmark reached $482,800, which represents a 1.28 percent increase when compared to the previous month and a 9.1 percent increase when compared to February of the previous year. Condominium apartments reached $283,400, while condominium townhouses reached $309,700. Despite these increases, overall benchmark prices in both sectors continue to remain below the peak of 2007. Single-family prices, on the other hand, enjoyed a full recovery in 2013.