Calgary's NW sector boasted the largest gains in single family homes
sales in the first quarter
CALGARY, April 1 /CNW/ - According to figures released today by CREB®
(Calgary Real Estate Board), Calgary Metro sales remained at levels
similar to the first quarter of 2010. Improved sales in the single
family market have largely been offset by declining sales in the
condominium market, indicating that the gradual recovery will continue
to be driven by the single family market for the better portion of the
Single family home sales in the first quarter of 2011 were 3,309, a 4
per cent increase over the first quarter of 2010. The combination of
stable home prices, low interest rates and year-over-year improvements
in employment are the primary factors fueling the growth.
March 2011 single family home sales totaled 1,355, a 3 per cent decrease
over March 2010 figures. The decline in sales was accompanied by a 19
per cent year-over-year decline in new listings. As a result, inventory
remained at three months, which indicates a balanced single family
The NW sector boasted the largest gains in single family home sales in
the first quarter of 2011 with 1,198 sales, a 13 per cent increase over
the first quarter of 2010. Sales in the SE posted quarterly gains of 5
per cent, while the SW remained relatively unchanged and NE sales
declined by 9 per cent.
"Improved affordability levels in single family homes have offered some
individuals the opportunity to purchase homes in areas of the city that
were once unattainable," says Sano Stante, president of CREB®.
The SW sector recorded the highest single family average home price in
the first quarter of 2011 at $570,748, while average home prices in the
NW and SE were $464,990 and $422,821 respectively. The NE sector
continues to remain the most affordable, with average prices hovering
"Average single family home prices remain relatively stable compared to
the first quarter of last year, as people continue to purchase more
homes at the lower end of the price spectrum," says Stante. "The rise
in sales has been primarily offset by a corresponding increase in
listings, resulting in stable average prices."
Calgary Metro average price of single family homes in March 2011 was
$462,947, a 2 per cent decline from March 2010, and virtually unchanged
from the previous month. Meanwhile, the median price declined by 5 per
cent compared to March 2010.
Quarterly condominium sales continue to fall over levels recorded in the
previous year, down by 11 per cent compared to the first quarter of
2010, while quarterly average prices are down by 1 per cent. It is
important to note the quarterly average price of condominiums is skewed
upwards for 2011 due to the sale of a $4.1 million condominium. If we
remove this sale, quarterly average price would have declined by over 2
The average price of condominiums in March 2011 was $280,781, while the
median price was $256,000, a respected 5 per cent drop and 7 per cent,
respectively, from levels recorded in March 2010.
Improved selection of affordable single family homes and higher
inventory levels of new condominiums have reduced the demand for resale
of condominiums. It is anticipated that demand should gradually recover
in the latter half of the year, as Calgary's economic recovery
continues to take hold. "This provides a window of opportunity for
condo buyers early in the year to discover a large selection of
available product at affordable prices," says Stante.
Calgary's labour market has shown some recent improvements, however, it
is still in the early stages of recovery as job growth remains below
the 5-year average. Improvements in the energy sector are anticipated
to show stronger job growth in the second half of the year, providing
the foundation for continued recovery in the housing market.
Click here for the statistics Package.
CREB® is a professional body of more than 5300 licensed brokers and
registered associates, representing 244 member offices. CREB® is
dedicated to enhancing the value, integrity and expertise of its
REALTOR® members. Our REALTORS® are committed to a high standard of
professional conduct, ongoing education, and a strict Code of Ethics
and standards of business practice.
Any use or reference to CREB® data and statistics must acknowledge CREB®
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® active listings for Calgary and area may be found on
the board's website at www.creb.com.
CREB® is a registered trademark of the Calgary Real Estate Board
Cooperative. The trademarks MLS® and Multiple Listing Service® 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® and REALTORS® are controlled
by CREA and identify real estate professionals who are members of CREA,
and subsequently the Alberta Real Estate Association and CREB®, used
SOURCE Calgary Real Estate Board
For further information:
OLIVIA PAVEL, COMMUNICATIONS SUPERVISOR