Archive for the ‘Sellers Market’ Category

Calgary Region Second Quarter Housing Statistics

Tuesday, July 23rd, 2013

CREB has just released the 2nd quarter statistics for the Calgary housing re-sales market. Overall, the Calgary real estate market is performing exceptionally well as its pacing Canada in activity and in sales prices!

The Calgary housing market is being paced by luxury homes sales which is now higher at this point in the year than it was in the entirety of 2012. July set a record as it was the first month that Calgary has experienced 4 homes selling in the same month for over $4 million each. These home sales are being attributed to Calgary luxury homeowners being forced back in to the real estate market by the Calgary flood crisis.

NW Calgary

In terms of Calgary housing region specific statistics, NW Calgary outpaced the rest of the city in the 2nd quarter of the year, which is from April to the end of June. Zone A is the area that covers the NW region of the city and over this period of time there were 1, 8333  single family home sales with an avg. price of $522, 242 which is up substantially from the 1st quarter of the year which saw 1,325 home sales with an avg. price of $501, 672. The community in NW Calgary with the most sales over this period of time was Tuscany.

SW Calgary

Ranking in behind zone A for the second most single family home sales in the past quarter was Zone C, which covers the SW region of Calgary. SW Calgary totalled 1, 432 home sales with an avg. price of $658, 742. This avg. sales price was the highest in Calgary for the 2nd quarter. The community with the largest number of home sales over this period of time in SW Calgary was Evergreen.

SE Calgary

The SE Calgary region, which is considered Zone D, finished the quarter with the third most sales with 1, 034. The avg. sales price for a home over this time period was $460, 789. The community with the most sales in SE Calgary  was Mckenzie Towne.

NE Calgary

NE Calgary, which is considered Zone B, finished the quarter with the lowest amount of single family home sales in Calgary with 720. The avg. home sales price in this region was $326, 029, much lower than all the other regions in the city. The community with the most sales in this region of Calgary was Temple.

For a full PDF of Calgary second quarter home sales statistics courtesy of Calgary Herald and CREB, please Click Here

If you are interested in buying or selling a Calgary property, please Contact a Home Sweet Home Team Real Estate Associate. We would be more than happy to help you find your dream Calgary property or provide you with a free market evaluation of your home.

Record Breaking June for Calgary Real Estate Market

Tuesday, July 2nd, 2013

Despite the impact of the flood disaster, the Calgary residential real estate market experienced another record breaking month!

Home sales activity for the month of June exceed expectations once again, with the Calgary real estate market continuing to pick up strength. Total residential sales for the month of Calgary came to 2,317, a 5 % increase over the 2,196 sales from June 2012. The average sales price of a Calgary home finished at $466,458, a 5.60% increase from June 2012. This surpasses the previous record average sales price which was recorded in May this year, at a price of $462,076.

The Calgary single family average price also hit a new high at $527,161, beating May’s record of $521,887. The number of new listings dropped once again to 3,003, a 9 % drop from the inventory of new listings in June 2012.

With high sales and low inventory, this is turning the Calgary real estate market in to a sellers market. With the low inventory we are seeing more buyers purchase homes immediately and for higher prices, to prevent them from losing a desirable home in a competing offer situation. Calgary condo sales surpassed single family home sales as the lack of affordable single family homes are driving many buyers to the more affordable condo market.

Despite the success in the market, it’s expected that the recent flood crisis will impact the Calgary real estate market dynamics. We are expected to experience this impact over the next couple of months as communities affected by the floods will face serious challenges. However, it is too soon to tell exactly how much the market will be impacted.

Anne- Marie Lurie, CREB® chief economist, had this to say about she feels the Calgary flood crisis will affect the real estate market in the upcoming months.

“While sales and prices continue to show improvement, the city and residents of communities impacted by the recent flooding will face significant remediation challenges over the coming months,” said Ann-Marie Lurie, CREB® chief economist. “Until the extent of the damage is known, it is difficult to accurately assess the full impact this will have on the city’s housing market.”

“In the coming months, flood victims, particularly those who were planning on selling their homes, will have some big decisions to make,” said Becky Walters, CREB® President. “Will they take a discounted price? Or will they stay and fully remediate the property? Either way, in the short term, housing supply will likely be relatively tight.”

“The tighter market conditions are placing upward pressure on pricing in all city sectors,” said Lurie. “While the areas affected by the flood may face some short-term impacts on pricing, any adjustments occurring are unlikely to outweigh the impacts on the overall city wide price growth.”

To view the Calgary Market Statistics Package from CREB® please Click Here

If you are considering selling your Calgary home and want take advantage of this sellers market or if you are interested in buying a Calgary property before the prices increase higher, please Contact Us today! We are the Home Sweet Home Team and we are here for YOU!

Calgary Real Estate Market is on the Verge of Breaking Historic Records

Thursday, May 30th, 2013

With only a few days left in May it appears that the Calgary real estate market is on the verge of breaking a few monumental records.

According to CREB as of today May 30, 2013, the average sale price of a Calgary home is $532,071.  The current record for average sales price for Calgary homes was set in March of this year with a sales price of $518,064. Unless something drastically changes, it is likely that May housing prices will hold strong and break this record.

Another impressive record that we will likely see broken is the number of luxury home sales in Calgary. To qualify to be considered a luxury home the property must sell for $1 Million plus. The record is currently 80 luxury home sales which was set in May 2012. As of today, May 30th 2013, there has been 71 luxury home sales with over 15 sales pending. If these deals finalize this will be a very memorable month for the Calgary Real Estate Market.

If you are interested in more information on the Calgary real estate market, or if you are looking to buy or a sell a property in Calgary please Contact Us today, Century 21 Bamber’s top team would love to help you.

 

 

 

It’s a Resale Sellers Condo Market in Calgary

Wednesday, May 15th, 2013

It’s a sellers’ market for resale condos in the city — the first time since the crazy days of 2007, says the Calgary Real Estate Board.

Resale condo apartments and townhomes are following the trend set by detached single-family resale homes, says the board.

Higher sales demand, coupled with lower listings, pushed the total resale market into sellers’ territory.

“Calgary’s housing market continues to defy national softening trends as gains in the employment sector, migrant growth, rising wages and low interest rates are translating into growing demand for housing,” says chief economist Ann-Marie Lurie of CREB.

While conditions favour sellers for the first time since 2007, the economy is much different today, says Lurie.

“The economy is nowhere near as strong as it was in 2007,” she says. “There is still a lot of risk in our economy. During that time (in 2007), both natural gas and oil was going very strong, which is not the case today.

“Back then, we had far greater employment growth and net migration numbers were much stronger.”

Net migration refers to the inflow of people to Calgary minus the outflow.

Another difference affecting the city’s resale market is the availability of dwellings in the new home market, as well as in the communities surrounding Calgary.

“At the time, it was even difficult to get anything in the surrounding areas,” says Lurie about the market in 2007.

“Their inventories were also quite low, as well as options in the new home market. They were going crazy as well, building as fast as they could.

“Now, there are still options. The City of Calgary market is tight, but you can still go into the surrounding towns and buy property. There are options in the competing markets.”

Because there are currently more options in the market compared to 2007, Lurie predicts prices will continue to rise, but not at the rate that they did then.

Average prices for condo apartments rose to $291,345 in April, up 8.74 per cent from $267,931 during the same month in 2012.

While the benchmark price of condo apartments has risen, it is still about 12 per cent off the peak benchmark price of $297,000 in August 2007.

New listings for new condos went up slightly to 3.19 per cent in April to 614, rising from 595 in April 2012.

But the number of new listings from Jan. 1 to the end of April dropped 7.68 per cent, to 2,079 from 2,252 listings.

Sales are moving more quickly than last year for condo apartments. In April, apartments sold in an average of 41 days, 18.62 per cent faster than the average of 50 days for the same month last year.

Sales from January to the end of April were similarly faster, with apartments selling in an average of 44 days, which was 13.73 per cent faster than 51 days during April 2012.

Townhomes experienced a 27.24 per cent rise in sales in April compared to last year, to 341 sales from 268. The transactions were 26.64 per cent faster in April than the year before, with homes selling in an average of 36 days compared to 49.

The average price of resale townhomes in April rose 5.15 per cent to $337,119 from $320,607 in April 2012. The benchmark price also rose by 4.52 per cent during this time to $288,900, up from $276,400.

The average price for townhouses from Jan. 1 to the end of April rose 8.75 per cent to $339,814, up from $312,478 during the same period in 2012.

April’s benchmark price of $288,900 for townhomes was about 12 per cent off the peak benchmark price of $338,000 in 2007.

The price is that of a typical home based on a formula that uses various factors to ensure accurate comparisons.

The benchmark price for detached single-family homes set a new high of $452,900 last month, up from the previous high of $451,300 in July 2007.

The benchmark price for apartment condos rose 7.35 per cent to $261,300 in April, up from $243,400 during the same time period.

Benchmark prices for detached single-family homes have also surpassed the past high-water mark from 2007.

They reached $452,900 in April, up from $451,300 in July 2007.

DID YOU KNOW

Most resale condo townhomes sold in Calgary from Jan. 1 to the end of April were priced from $200,000 to $299,999. About 42 per cent of sales were in this range, down slightly from 44 per pent during the same time period the year before. The next sales category, from $300,000 to $399,999, accounted for about 27.5 per cent of sales from the first four months of this year. For resale condo apartment sales during this time, about 19 per cent were less than $200,000, with 46 per cent ranging from $200,000 to $299,999 and about 22 per cent from $300,000 to $399,999.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Calgary Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.
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