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.
While the trend is certainly moving in the right direction, experts caution that the city is not out of the woods yet. With recent indicators pointing toward weak economic growth in the United States as well as increased uncertainty in global markets, there is still a certain amount of economic risk for Calgary as well. Nonetheless, growth continues to outpace supply in the city's single-family market. Further statistics from May include:
- 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.
In terms of the surrounding areas and the condo market, there is still plenty of supply to meet the demand. As such, price growth has remained below that achieved in the single-family home market. Some Calgary condo statistics released by CREB for the month of May include:
- 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.
Discussion
Here in Alaska especially the Fairbanks area, we are coming into our busy season because most people don't buy in the winter up here. But there are a lot of relocations to the Air Force Base and this brings in a lot of traffic.
Great market report and I love that you used Scribd! I love using them for so many blogs and reports. HAve a profitable year
"New listings increased by 6.7 percent year-over-year" That's a great increase and your housing numbers are pretty big for prices. Guess that means sellers are still getting a good price!
We are seeing a new wave of owner/sellers here in Michigan. It's a great thing too! Buyers are starting to realize there are very little foreclosures anymore.
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