| Calgary Real Estate Market Update brought to you by Crystal Tost, Real Estate Made Easy. |
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Calgary Real Estate Market Update
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We're back!
Spring is here and summer is fast approaching. The weather has been great and I'm wondering where the first five months of the year has gone. There has been a lot going on and I want to bring you up to date. First off let's review the most recent Single Family and Condominium real estate stats.
Calgary Real Estate Market Performance
Updated local market stats for single family home and condos for the month of May as released by the Calgary Real Estate Board. Let me know if you have any questions or would like additional information.
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:
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- 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.You can read or download the full report released from CREB from our blog post titled
Calgary Real Estate May 2012 Monthly Housing Statistics.
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Special News!
It's no secret that I love working in real estate and more importantly I cherish the relationships formed with my clients. It's because of my clients that putting in the many hours of hard work, make it all worth while. It's always a treat to be recognized for your hard work, especially when you work at a job that you love. I am honoured to announce that I have been named one of thetop 100 Re/Max agents in Western Canada for the first quarter of 2012. In addition, for the same quarter locally in Calgary, I have been ranked #65.
I am ecstatic about this news. 2012 is off to a great start and I want to thank all of you, my readers, and clients for your continued support and friendships. Thank you!
From the Calgary Listings Blog
In case you've missed some of our more recent posts on the Calgary real estate market, below are a couple of notable posts from our Calgary Listings blog that might be of interest to you.
Alberta New Home Warranty vs. National Home Warranty
Special Assessments in Condos
The Return of Multiple Offers in Calgary Real Estate
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