Single family homes in the inner-city drive recovery
CALGARY, Feb. 1 /CNW/ - Single family home sales in the City of Calgary
edged upwards month-over-month and showed the first year-over-year
increase since April 2010, according to figures released today by CREB®
(Calgary Real Estate Board).
The number of single family home sales in the month of January 2011 were
787, compared with December 2010, when sales were 734 — an increase of
about 7 per cent. The number of condominium sales for the month of
January 2011 was 297. This was down from the 320 condominium
transactions recorded in December 2010.
Year-over-year, the number of single family homes sold in January 2011
in the city of Calgary increased by just over 3 per cent. In January
2010, single family home sales totaled 762. Condominium sales saw a
decrease of 21 per cent from the same time a year ago. In January
2010, condominium sales were 376.
"More affordable housing will continue to attract homebuyers to the
inner-city, particularly as employment in the city of Calgary continues
to improve," says Sano Stante, president of CREB®. "Single family
homes in the city are currently driving this gradual recovery, and we
are seeing an uptick in the sale of homes below the $350,000 price
point. This may suggest more first time homebuyers are entering the
market, providing the fuel needed for a sustained housing recovery."
The average price of a single family home in the city of Calgary in
January 2011 was $454,287, showing a 3 per cent increase from December
2010, when the average price was $441,341, and a 3 per cent increase
from January 2010, when the average price was $441,217. The average
price of a condominium in the city of Calgary in January 2011 was
$287,954, showing a 2 per cent increase from December 2010, when the
average price was $282,768 and a 2 per cent increase over last year,
when the average price was $282,639.
The median price of a single family home in the city of Calgary for
January 2011 was $390,000, showing a slight increase from December 2010
when the median price was $389,000. This was a 2 per cent decrease from
January 2010, when the median price was $398,000. The median price of a
condominium in January 2011 was $255,000, showing a 1 per cent decrease
from December 2010, when the median price was $258,500, and a 4 per
cent decrease from January 2010, when it was $265,000.
"The recovery in 2011 will be incremental and gradual. Nonetheless, at
the moment Calgary is offering buyers a great deal of affordability,
low interest rates and a large selection of inventory," says Stante.
"Overall the first quarter of 2011 will show modest improvements in
sales which will lay the foundation for the return to a more balanced
market," he adds.
Single family listings in the city of Calgary added for the month of
January 2011 totaled 1958, an increase of 169 per cent from December
2010 when 728 new listings were added, and showing an increase of 7 per
cent from January 2010, when 1822 new listings came to the market.
Condominium new listings in the city of Calgary added for January 2011
were 861, an increase of 141 per cent from December 2010, when 361
condo listings were added to the market. This is a decrease of 9 per
cent from January 2010, when new condominium listings added were 951.
"Alberta will begin to see growth in net-migration as the oil and gas
sector regains traction. This will help boost consumer confidence and
ultimately bring improvements to employment and family income—key
drivers of our housing market," says Stante.
Click here for the statistics Package.
CREB® is a professional body of more than 5062 licensed brokers and
registered associates, representing 243 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® service active listings for Calgary and area may be
found on the board's website at www.creb.com.
CREB® is a registered trademark of 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.
Used under license.
SOURCE Calgary Real Estate Board
For further information:
Olivia Pavel, Communications Supervisor