Buyers find value in inner city communities
CALGARY, June 1, 2011 /CNW/ - According to figures released today by
CREB(R) (Calgary Real Estate Board), year-to-date residential sales in
the inner city grew nearly 4 per cent, outperforming the city wide
average. City of Calgary residential sales totaled 1,816 in May 2011, a
2 per cent increase in volume over May 2010. However, slower early
spring sales resulted in the overall year-to-date sales being 3 per
cent lower than the 2010 spring market.
As the city grows, improvements in the inner city communities are
consistent with changing preferences in lifestyle options.
"Consumers are looking for shorter commute times to work and easy access
to a wider range of services provided by these inner city communities,"
says Sano Stante, president of CREB(R).
"Many of these communities are surrounded by abundant amenities such as
parks, mature trees, diverse shopping and transit which appeals to a
wide range of consumers; furthermore, inner city homes can be
considered a stable real estate investment, as there is significant
value in land located near the city's core."
The average price for single family homes in May 2011 was $489,482 and
the median price $423,000, comparable to levels recorded last year.
Single family home sales were 1,313 in May 2011, a 5 per cent increase
over last year, while 2,552 listings came to market, a 14 per cent
decline over the same period last year.
The decline in listings has caused inventory levels to come down to
4,616 units, an 18 per cent decline from last year. Moderate sales and
in inventory have resulted in a decline in months of supply compared to
To date, the single family market has fared better than the condominium
market, as prices have come down from peak levels recorded in 2007
providing individuals more options with regard to home ownership, noted
Stante. After the first five months of the year, single family home
sales were 5,835 units, consistent with sales levels during the same
time frame last year.
"With just under four months supply, we expect single family home prices
to remain stable in the coming months," says Stante. "Provided that
interest rates remain moderated, we are positive about the near term
stability and recovery in the Calgary real estate market."
"While condominiums continue to experience some decline in sales and
prices, the rate of decline seems to be easing, indicating signs of
improvement in this market" adds Stante.
The inventory of condominiums continues to remain higher than average,
but has declined by 21 per cent from levels recorded in May 2010.
Condominium sales were 503 for May 2011, 3 per cent lower than last
year's figures. Year-to-date condominium sales are 11 per cent lower
than last year's levels, however, listings have declined by 19 per cent
as well over the same time frame, placing downward pressure on
"Full time employment growth has been sluggish in Calgary, with only
notable improvements occurring in April," says Stante. "All indications
point to the trend that as full-time employment growth takes hold in
the later portion of the year, so too will improvements in migration,
ultimately translating into improvements in the housing market."
Click here for the statistics Package.
CREB(R) is a professional body of more than 5200 licensed brokers and
registered associates, representing 243 member offices. CREB(R) is
dedicated to enhancing the value, integrity and expertise of its
REALTOR(R) members. Our REALTORS(R) are committed to a high standard of
professional conduct, ongoing education, and a strict Code of Ethics
and standards of business practice.
For Calgary Metro, CREB(R) statistics include only Zone A, B, C, and D
for properties located in Calgary.
Any use or reference to CREB(R) data and statistics must acknowledge
CREB(R) as the source. The board does not generate statistics or
analysis of any individual member or company's market share.
Average price information can be useful in establishing trends over
time, but does not indicate actual prices in centres comprised of
widely divergent neighbourhoods, or account for price differentials
between geographical areas. All MLS(R) active listings for Calgary and
area may be found on the board's website at www.creb.com.
CREB(R) is a registered trademark of the Calgary Real Estate Board
Cooperative. The trademarks MLS(R) and Multiple Listing Service(R) are
owned by the Canadian Real Estate Association (CREA) and identify the
quality of services provided by real estate professionals who are
members of CREA. The trademarks REALTOR(R) and REALTORS(R) are
controlled by CREA and identify real estate professionals who are
members of CREA, and subsequently the Alberta Real Estate Association
and CREB(R) , used under license.
SOURCE Calgary Real Estate Board
For further information:
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300 Manning Road, N.E., Calgary, Alberta, T2K 8K4 | www.creb.com