Higher priced homes selling faster as listings trend down
CALGARY, May 2 /CNW/ - According to figures released today by CREB®
(Calgary Real Estate Board), City of Calgary year-to-date sales
declined by 4 per cent compared to the first four months of 2010. The
decline was offset by a 14 per cent drop in listings recorded over the
same period, resulting in lower inventory levels, and a moderate growth
in average prices.
In April 2011, single family home sales were 1,217, while 2,299 listings
came to market, a decline of 10 per cent over April 2010 and 25 per
cent, respectively. Inventory levels rose slightly over March 2011
levels, but remained well below inventories recorded in April 2010, and
close to the long term average, indicating the market continues to show
"While our spring market has been a little slow to get started, we are
seeing our inventory levels return to healthy levels," says Sano
Stante, president of CREB®. "This trend, combined with an improving
job market, will help warm up Calgary's housing market in the coming
Along with a decline in inventory, Stante points out that homes in the
higher-end of the market are selling faster, with average days on
market trending down, and below the 5-year average.
"We are seeing improvements in the sale of homes in the higher price
points. Homes above $700,000 are selling within an average of 41 days.
This is consistent with pre-recession levels," says Stante.
The average price of single family homes in the City of Calgary in April
2011 was $479,575, a 4 per cent increase from April 2010 levels.
Meanwhile, the median price of $420,000 rose by 1 per cent over levels
recorded in April 2010. The price differential comes as a result of
high end home sales. In April 2011, two single family homes were sold
in the price range of $3 million to $4 million, skewing up the monthly
"Condominium listings declined 27 per cent in April, helping to offset a
16 per cent decrease in year-over-year sales. The decline in listings
is significant and has helped place downward pressure on inventory
levels. This will improve stability in condominiums and begin to move
it towards a more balanced market," says Stante.
Year-to-date condo sales were 1,883, a 13 per cent decline compared to
the first four months of 2010. The condominium average price for the
month of April 2011 was $289,158, similar to the previous year when
condominiums sold for an average of $289,588. The median price for
condominiums in the month of April 2011 was $260,000, down 3 per cent
compared to the same time last year.
"All in all, the positive investments we are seeing in the energy sector
and our economy will begin to translate into improved job prospects and
growth for Calgary. This will help contribute to a stronger demand for
housing and a stable real estate market," adds Stante.
Click here for the statistics Package.
CREB® is a professional body of more than 5100 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® 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