CARA August 2014 Statistics

Best August on record for Central Alberta home sales

Red Deer, September 17, 2014 – Residential sales reported through the MLS® System of the Central Alberta REALTORS® Association remained at very strong levels in August 2014.

Home sales numbered 511 units in August, an increase of eight per cent from the same month last year. This was the best August sales figure on record and the first time that sales in the month have ever topped the 500 mark.

Sales activity in all of Alberta rose four per cent from a year earlier in August 2014.

On a year-to-date basis Central Alberta home sales were running 12 per cent ahead of the first eight months of 2013, and stood just 26 sales shy of the record for the period set in 2007.

New residential listings on the Association’s MLS® System numbered 816 units in August, up half of one per cent (four listings) from year-ago levels.

There were 2,977 active residential listings on the Association’s MLS® System at the end of August, down six per cent from levels at the end of August 2013.

There were 5.8 months of inventory at the end of August 2014, down from 6.7 months reported at the end of August 2013 and below the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The dollar value of all home sales in August 2014 was $167.7 million, rising 15 per cent from a year earlier and a record for the month. The dollar value of home sales in all of Alberta was up eight per cent from August 2013.

Sales of all types of properties totalled 534 units in August. This was up nine per cent compared to August 2013. The total value of all property sales amounted to $180 million in August, up 19 per cent from a year earlier.

The Central Alberta REALTORS® Association is an MLS® listing co-operative, representing more than 560 REALTORS® located in Red Deer and throughout Central Alberta. Details and photos of all Central Alberta REALTORS® Association listings can be found on the national public web sites www.cara.ca, www.REALTOR.ca (residential properties) and ICX.CA (commercial and investment properties).

CREB® August 2014 Statistics

Calgary, Sept. 2, 2014 – Strong gains in Calgary’s condominium apartment and townhouse sectors sparked a 3.4 per cent year-over-year growth in residential resale housing sales activity for August.

A total of 2,267 units exchanged hands in the city during the month, compared to 2,192 during the same period in 2013. The condominium apartment and townhouse sectors saw the biggest gains, increasing by nearly 14 and 20 per cent, respectively, for total monthly sales of 790 units.

“The record pace of August sales in the condominium sector is related to the relative affordability of this product combined with a tight rental market and low lending rates,” said CREB® chief economist Ann- Marie Lurie, noting most of the activity continues to take place in lower price ranges. “More than 76 per cent of condominium new listings are priced below $400,000 and represent more than 68 per cent of the total inventory within city limits.”
So far this year, condominium apartment and townhouse sales have totaled a respective 3,388 and 2,685 units. This represents a combined increase of nearly 20 per cent.

“Over the past three months apartment-style new listings have increased by more than 40 per cent year year over year, pushing up overall inventory levels and moving this market toward balanced territory despite the strong sales growth,” said Lurie.
Meanwhile, year-over-year single-family sales declined by 2.4 per cent in August to 1,477 units, partly due to limited availability in lower price ranges. Despite the pullback, activity in the sector remains stronger than long-term averages.

“The decline in single-family sales is mostly due to the shrinking supply in the under-$400,000 sector,” said CREB® president Bill Kirk. “Overall, sales activity has improved compared to last year for product priced over $400,000.”
The good news for buyers is added choice. New listings in August improved by 13.6 per cent compared to last year, causing inventories to rise by nearly 18 per cent.

Increased inventory levels also moved the single-family market toward more balanced conditions, helping minimize further monthly price gains. The single-family unadjusted benchmark price totaled $512,300 in August, similar to July, but still 10.24 per cent above $464,700 posted a year ago.

“Following a prolonged period of Calgary being a sellers’ market, a move toward more balanced conditions is welcome news,” said Kirk. “This will help support a more stable city housing market in terms of price gains.”

The average, median and benchmark prices for condominium apartments in August were a respective $332,006, $287,500, and $298,200.

“While both average and median prices in this sector have recorded further monthly gains, the benchmark indicates prices are similar to levels recorded in the previous month,” said Lurie. “The composition of apartment sales shifted toward the higher-end segment this month compared to last month, resulting in higher monthly gains. The benchmark price reflects price changes for similar properties, less subject to the variability in composition.”

Condominium townhouses remain the tightest of the three sectors in Calgary, resulting in further monthly price gains and reaching an August benchmark price of $328,300. While prices are shy of previous highs, they increased by 0.4 per cent over the previous month and nearly 10 per cent above levels recorded in August 2013.

CARA July 2014 Statistics

Best July on record for Central Alberta home sales

Red Deer, August 18, 2014 – Residential sales reported through the MLS® System of the Central Alberta REALTORS® Association remained at very strong levels in July 2014.

Home sales numbered 582 units in July, an increase of 12 per cent from the same month last year. This was the best July on record and the fifth highest level of any month in history.

Sales activity in all of Alberta rose five per cent from a year earlier in July 2014.

On a year-to-date basis Central Alberta home sales were running 13 per cent ahead of the same period in 2013 and just 1.3 per cent behind the record for the period set in 2007.

New residential listings on the Association’s MLS® System numbered 932 units in July, up five per cent from year-ago levels. This was the highest number of new listings on record for the month of July.

There were 3,125 active residential listings on the Association’s MLS® System at the end of July, down four per cent from levels at the end of July 2013.

There were 5.4 months of inventory at the end of July 2014, down from 6.3 months reported at the end of July 2013 and in-line with the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The dollar value of all home sales in July 2014 was $177.1 million, rising 11 per cent from a year earlier to the highest level of any July on record. The dollar value of home sales in all of Alberta was up nine per cent from July 2013.

Sales of all types of properties totalled 608 units in July. This was up 12 per cent compared to July 2013. The total value of all property sales amounted to $192.8 million in July, up 13 per cent from a year earlier.

The Central Alberta REALTORS® Association is an MLS® listing co-operative, representing more than 560 REALTORS® located in Red Deer and throughout Central Alberta. Details and photos of all Central Alberta REALTORS® Association listings can be found on the national public web sites www.cara.ca, www.REALTOR.ca (residential properties) and ICX.CA (commercial and investment properties).

CREB® July 2014 Statistics

Market moves toward balanced conditions


Growth in new listings outpace sales growth in July, supporting double-digit inventory gains

Calgary, Aug. 1, 2014 – Residential sales this month totaled 2,336 units, a record level for July activity. However, year-over-year sales growth slowed to 3.18 per cent.

“While July’s sales growth seems like a dramatic departure from the double-digit gains recorded in the first half of this year, it is in comparison to exceptionally strong sales during the same period last year,” said CREB® chief economist Ann-Marie Lurie, noting July sales this year are nearly 19 per cent above long-term averages for the month.

New listings in July totaled 3,219 units, an 18 per cent increase over the previous year. The rise outpaced sales growth during the month, pushing inventory to 4,659 units, nearly 14 per cent higher than July 2013 levels.

“More selection is welcome news for many potential purchasers. However, improving supply levels have only come after nearly three consecutive years of declines,” said CREB® president Bill Kirk. “Along with improving inventories, other indicators support the notion that market conditions are moving toward more sustainable levels.”

Single-family unadjusted benchmark prices totaled $511,600 in July, just above May figures, but 10.8 per cent higher than $461,600 in July 2013.

“Following two years of annual increases and several months of monthly gains that exceeded one per cent, unadjusted benchmark prices appear to be leveling off,” said Lurie. “This fits with our expectations as the market moves into more balanced territory.”

Single-family sales totaled 1,553 units in July, a 1.3 per cent decline compared to the same period in 2013 and a 8.3 per cent increase year-to-date.

While overall single-family sales remain higher than long-term trends for this month, the year-over-year monthly decline reflects fewer sales and listings in properties priced under $400,000.

“With declining choices in the lower-priced single-family market sector, consumers are considering both condominium apartment and townhouse segments,” said Kirk.

Year-to-date condominium apartment and townhouse sales increased by 21 and 19 per cent, respectively. New listing growth far outpaced sales growth, particularly in the apartment sector, thus boosting inventory levels.

For buyers, more choice has helped ease some of the upward pressure on benchmark prices. Unadjusted prices in both apartment and townhouse-style condominiums were similar to levels recorded the previous month.  Despite slower monthly gains, year-over-year price growth grew by 11 per cent in the condominium sector.  Benchmark prices for apartment and townhouse-style condominiums in July totaled $298,100 and $327,000, respectively.

 “Calgary’s housing market continues to demonstrate exceptional levels of sales, and strong year-over-year price gains,” said Lurie. “This is a reflection of the economic factors supporting this market, including gains in net migration, employment, wage growth and favourable lending rates.”

The monthly statistics package is available here.

CARA June 2014 Statistics

Second best June on record for Central Alberta home sales

Red Deer, July 18, 2014 – Residential sales reported through the MLS® System of the Central Alberta REALTORS® Association remained a very strong levels in June 2014.

Home sales numbered 598 units in June, an increase of 14 per cent from the same month last year. This was the second best June on record and the fourth highest level of any month in history.

Sales activity in all of Alberta rose 14 per cent from a year earlier in June 2014.

On a year-to-date basis Central Alberta home sales were running 13 per cent ahead of the same period in 2013, marking the best first half of any year since 2007 and the second best ever.

New residential listings on the Association’s MLS® System numbered 1,018 units in June, up five per cent from year-ago levels. This was the highest number of new listings on record for June.

There were 3,088 active residential listings on the Association’s MLS® System at the end of June, down five per cent from levels at the end of June 2013.

There were 5.2 months of inventory at the end of June 2014, down from 6.2 months reported at the end of June 2013 and below the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The dollar value of all home sales in June 2014 was $194.8 million, rising 21 per cent from a year earlier to the second highest level of any month on record. The dollar value of home sales in all of Alberta was also up 21 per cent from June 2013.

Sales of all types of properties totalled 633 units in June. This was up 16 per cent compared to June 2013. The total value of all property sales amounted to $216.8 million in June, up 28 per cent from a year earlier.

The Central Alberta REALTORS® Association is an MLS® listing co-operative, representing more than 560 REALTORS® located in Red Deer and throughout Central Alberta. Details and photos of all Central Alberta REALTORS® Association listings can be found on the national public web sites www.cara.ca, www.REALTOR.ca (residential properties) and ICX.CA (commercial and investment properties).

Contacts: Dawn Parent, President 403-391-3296

Judy Ferguson, Executive Officer 403-343-0881

Residential housing activity via the MLS® System of the Central Alberta REALTORS® Association
June 2014

Seasonally Adjusted1

Percentage change compared to

1 month ago

2 months ago

3 months ago

4 months ago

5 months ago

6 months ago

May 2014

April 2014

March 2014

February 2014

January 2014

December 2013

Sales Activity

463

-7.2

-4.9

3.3

24.1

19.3

37.4

Average Price

$316,039

5.9

2.2

3.5

1.8

0.2

6.5

Dollar Volume*

$145.0

-4.6

-3.9

4.9

22.9

18.3

41.1

New Listings

814

-6.0

0.0

1.1

21.7

18.5

39.6

Active Listings

2,646

-0.4

3.3

6.1

7.5

8.7

2.1

Actual2

Percentage change compared to

1 year ago

2 years ago

3 years ago

5 years ago

7 years ago

10 years ago

June 2013

June 2012

June 2011

June 2009

June 2007

June 2004

Sales Activity

598

13.9

34.4

56.1

30.0

6.8

65.7

Average Price

$325,701

6.1

18.6

18.3

20.4

9.7

116.6

Dollar Volume*

$194.8

20.8

59.4

84.7

56.5

17.2

258.7

New Listings

1,018

5.2

14.5

9.1

17.6

19.9

96.5

Active Listings

3,088

-5.3

-1.1

-5.7

14.9

119.8

151.5

Year-to-date3

Percentage change compared to

1 year ago

2 years ago

3 years ago

5 years ago

7 years ago

10 years ago

June 2013 YTD

June 2012 YTD

June 2011 YTD

June 2009 YTD

June 2007 YTD

June 2004 YTD

Sales Activity

2,836

12.9

27.5

52.3

49.4

-6.0

63.2

Average Price

$312,103

4.9

13.5

19.1

17.5

16.7

107.6

Dollar Volume*

$885.1

18.4

44.7

81.4

75.6

9.8

238.7

New Listings

5,504

2.6

14.0

11.7

14.6

27.4

90.6

Active Listings†

2,513

-8.0

-5.5

-11.3

4.9

152.7

110.1

Market Balance4

Compared to

1 month ago

3 months ago

6 months ago

1 year ago

2 years ago

5 years ago

May 2014

March 2014

December 2013

June 2013

June 2012

June 2009

Sales to New Listings Ratio

56.9

57.6

55.7

57.8

55.8

52.8

54.4

Months of Inventory

5.7

5.3

5.6

7.7

6.2

7.4

7.0

1 Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.
2 Actual data as processed through the MLS® System of the Central Alberta REALTORS® Association.
3 Sum of actual data from January to present month of any given year.
4 Seasonally adjusted; Sales to New Listings Ratio=Sales/New Listings*100; Months of Inventory=Active Listings at the end of the month/Sales for the month.

* In millions of dollars.
† The year-to-date active listings figure is a monthly average of the number of homes on the market at the end of each month so far this year.

CREB® June 2014 Statistics

Calgary, July 2, 2014 – Residential sales and listings in Calgary increased by double-digit rates in June compared to the same time last year. This increase is partly due to the floods impacting housing activity throughout the second half of June 2013.

“Last June was not a normal month, so it’s difficult to compare the two,” said CREB® president Bill Kirk. “The historic floods of 2013 forced residents and business owners from their homes and places of work. It’s not surprising that many Calgarians were not focused on purchasing or listing their home at that time.”

Despite the unusual circumstances of last year, the housing market continues to demonstrate strong demand. Residential sales totaled 2,670 units this June, which was 18 per cent above the 10-year average. Total sales for the first half of 2014 increased to 13,929 from 12,257 in 2013.

New listings totaled 3,814 units in June, representing the first time since June 2010 that it outpaced the long-term average. The monthly influx of new listings also helped ease some of the tightness in the market by improving inventory levels, which totaled 4,726 units compared to 4,584 in June 2013.

“Economic conditions continue to support housing demand growth. However, improving supply should help push our market toward more balanced conditions,” said CREB® chief economist Ann-Marie Lurie. “Over time, this will cause price growth to ease from its current levels.”

Single-family unadjusted benchmark prices totaled $509,700 in June, a one per cent increase over the previous month, and a 10.9 per cent increase over June 2013.

Single-family sales for June totaled 1,769 units, which outpaced the 10-year average by 10 per cent. The rise in sales activity was largely due to improved new listings. While this helped ease some of the tightness in this market, supply levels continue to fall in this sector.

The boost in single-family new listings for June was largely due to an increase in units listed at more than $500,000 – rising to 1,359 units in June from 954 the year prior.

“With less resale single-family product available in the lower price ranges citywide, this market continues to be fairly competitive,” said Kirk. “However, for consumers looking in the higher price ranges, there is often more choice.”

Condominium apartment sales for the first half of 2014, totaled 2,494 units, compared with 2,027 during the same period a year prior. While new listings growth kept pace with sales activity during the first part of the year, it has exceeded sales growth over the past two months, pushing up inventory levels and moving this market into more balanced conditions.

Apartment-style benchmark prices totaled $299,700 in June, a new high in the condominium apartment sector and 13.5 per cent increase over the previous year. Meanwhile, the benchmark price for townhouse-style units reached $326,000, still shy of previous records.

“As citywide condominium apartment prices have finally recovered from 2007 highs, we would expect this will continue to encourage some listings growth,” said Lurie. “However, as this market has moved into more balanced conditions, and if inventories continue to rise, price growth should ease throughout the remainder of the year.”

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