Calgary Real Estate Sales Trending Upward
New stats for July reveal a positive trend for home and condo sales in Calgary. CREB stated that single family and condominium sales totaled 11,798, a 5% increase over the first 7 months of 2010. But while the sales trend is up and interest rates are expected to stay low for the foreseeable future, the picture for August may not be as bright. The European and US economic markets have sputtered and many Calgarians are wondering how this upheaval, volatility and possible retraction will affect their plans to buy their first home or upgrade to another home.
Sano Sante, the president of CREB said in the most recent report that “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.” Perhaps with falling price of oil and global economic woes, sellers will now be prepared to list their properties at acceptable prices to most buyers.
Calgary Condo sales came on strong in July with 453 units sold which is a 14% improvement over last July. Average sales price was $286,445. Single family house sales rose to 1,153 units in July. There has been 8,380 sales for the first seven months of 2011 which is up 8%. The average price of single family homes sold in July 2011 was $455,849.
Listings of home outside of Calgary rose from 735 in June to 838 properties in July. Sales of home outside Calgary rose 27% and the average sales price dropped 5%. For buyers this is a good trend.
This chart below shows total inventory (blue line) vs sold homes (red line).
This chart below shows total new listings (green line) vs sold homes (red line).
This chart shows how home prices are set mostly in the $300,000 to $400,000 range. That's almost half of all homes sold.
|Single Family Homes||Units||Growth|
|$200,000 to $299,000||157||13%|
|$300,000 to $349,000||175||15%|
|$450,000 to $399,000||206||18%|
|$400,000 to $449,000||171||15%|
|$450,000 to $449,000||117||10%|
Condo prices tend to be tightly grouped into the 200 to 300 thousand dollar range and growth in that price category was strong.
|$100,000 to $199,000||86||19%|
|$200,000 to $299,000||198||44%|
|$300,000 to $349,000||62||14%|
|$350,000 to $399,000||48||10%|
|$400,000 to $449,000||18||4%|
Take a look at our most recent Calgary homes for sale and for Million Dollar Homes in Calgary.