Calgary Real Estate May 2012 Monthly Housing Statistics
CREB stats for May have been released and things are looking promising for the City of Calgary. Thanks to the city's long-term economic prospects, which have been bolstered by continued fulltime job growth and low interest rates, residential sales increased by 31.8 percent when compared to last year. With a total of 2,385 sales, May 2012 represents the highest May activity the city has experienced since the recession hit.
- Monthly sales of single-family homes were 19.1 percent higher when compared to the same period last year, with a total of 1,710 units
- New listings increased by 6.7 percent year-over-year
- May inventories totaled 3,842
- The single-family benchmark was $427,500 in May 2012, representing a 6.7 percent increase when compared to the previous year
- With just 2.5 months of supply available in the housing market, single-family buyers are making their decisions more quickly. As a result, homes have been spending less time on the market and sellers are selling their homes at prices that are closer to their list prices. Experts predicted prices would see a modest gain this year and the increases were higher than anticipated. Nonetheless, the single-family benchmark price is still 5.3 percent less than the peak price of $451,400 that was obtained in July 2007.
- Total condo sales for the first five months of 2012 were 1,518, representing an 8.6 percent increase when compared to last year
- New listings in the month of May increased by 5.4 percent when compared to last year, though they remain at comparable levels on a year-to-date basis
- Total inventory levels for apartment condos have fallen by 3 percent when compared to May of last year
- Condo-apartment pricing increased by 1 percent when comparing year-over-year prices to a benchmark price of $245,400
- Condo-townhome pricing increased by 3 percent when comparing year-over-year prices to a benchmark price of $277,000
Given these figures, experts contend that the Calgary housing market is returning to activity levels that are consistent within a normal market.