CARA July 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.”

CREB® May 2014 Statistics

Sales improve as consumers have more choice

City-wide price gains and better weather support year-over-year gains in new listings

The monthly statistics package is available here
.

Calgary, June 2, 2014 – Residential sales in the city of Calgary totaled 2,948 units in May, a 16 per cent increase over the previous year. Sales last month were well above long-term trends and are the highest May activity on record.

“Strong sales activity is a reflection of improving fundamental conditions such as a growing population, favourable lending rates and rising wages,” says CREB® chief economist Ann-Marie Lurie. “Leading up to May, resale market sales were somewhat restricted by lack of choice. However, recent price gains have encouraged growth in new listings, helping meet some of the housing demand.”

In May, new listings totaled 4,327, a 16.5 per cent rise over figures reported during the same time last year with gains in new listings nearly matching sales growth. While inventories remain nearly five per cent below levels recorded last year, this is the first time in over two years that year-over-year declines were not in the double digits.

While market conditions continue to favour the seller, improving supply has helped ease some of the tightness in the market.

“Market conditions vary depending on the product type,” says CREB® president Bill Kirk. “Both condominium apartment and townhouse style products have recorded inventory growth relative to last year. This is good news for consumers looking for more choice in condominiums priced between $200,000 and $400,000.”

Year-to-date condominium apartment sales have totaled 2,020 units, a 21 per cent increase over the first five months of 2013. Meanwhile, the recent boost in new listings caused inventory levels to rise to 1,051 units, a 13.1 per cent increase compared to last year, representing 23.3 per cent of all city-wide inventories.

“The single family market varies depending on the price and location,” explains Kirk. “While the majority of sales are occurring in the $300,000 to $500,000 range, the number of new listings in this segment has lessened relative to last year, which indicates most new listing growth is occurring in the higher end of the market.”

Year-to-date, single family sales and new listings totaled 7,662 and 11,093 units respectively. While May saw new listings improve by 11 per cent compared to the same month last year, sales growth continued to exceed new listings growth, keeping inventories levels nearly 12 per cent below May 2013 levels.

The unadjusted single family benchmark price totaled $504,300 in May 2014, a 10 per cent increase over the previous year.

Meanwhile, typical condominium apartment and townhouse prices reached a respective $295,400 and $321,400 in May 2014. Despite year-over-year gains that surpassed double digit per cent in both segments, condominium prices in both segments continue to remain just below peak.

“Persistently tight market conditions continue to support stronger than expected price gains,” says Lurie. “While supply levels are improving, demand remains strong preventing any significant run up in inventories. However, we may see more divergent behaviour in the single family and condominium markets, impacting the relative price growth in each of these sectors.”

CREB® April 2014 Statistics

Price gains encouraging new listings

New listings improve for all product types in the city

The monthly statistics package is available here
.

Calgary, May 1, 2014  Following a slow start to the year, improved weather and price gains supported new listings growth. New residential listings in April totaled 3,754 units, an eight per cent increase over the previous year. Meanwhile sales activity totaled 2,545 units for the month, a seven per cent increase over April 2013.

“Throughout 2014, the condominium apartment market has recorded new listing gains, while until April, the single-family sector saw a reduction in new listings,” says CREB® president Bill Kirk. “Many single-family homeowners have been waiting for further price gains and the start of the spring market to list their homes.”

Single-family sales in April totalled 1,736 units, representing a year-over-year gain of eight per cent and a year-to-date increase of nine per cent. Meanwhile, single-family new listings totalled 2,584 units in April, a 7.4 per cent increase over April 2013.

As new listing growth outpaced sales growth, inventory levels improved, easing some of the tightness in the market. However, it was not enough to push the market back into balance.

“While we did anticipate the rise in new listings this spring, certain segments of the market will likely remain tight,” says CREB® Chief Economist Ann-Marie Lurie. “The single-family market continues to record declining listings for product priced below $400,000. Meanwhile, the growth in listings in April was mostly due to gains in the $500,000 – $999,999 range.”

Condominium apartment sales totaled 449 units in April, for a year-to-date total of 1,511. April’s year-over-year sales growth of 4.7 per cent was outpaced by the 11.2 per cent rise in new listings. This resulted in a rise in inventory levels to 898 units, three per cent higher than levels recorded in 2013. It’s also the only sector within the city limits to record annual growth in inventory availability. This growth is in part related to more new home product becoming available.

“Improved selection in the market is welcome news,” says Kirk. “Many consumers are interested in entering the market but the lack of choice poses challenges. While we are still early in the season, if this trend continues, it should provide more opportunities for consumers who have been unsuccessful with finding properties.”

Price gains continued across all property types this month. The unadjusted single-family benchmark price totaled $496,700 in April, a 9.67 per cent increase over April 2013 and up 1.24 per cent over March figures. While the price gains are still higher than expected, the pace of growth has slightly eased.

Meanwhile, unadjusted benchmark prices for condominium apartment and townhouse properties totalled a respective $291,700 and $316,700 in April. Despite the year-over-year price gains of 11.6 per cent for apartments and 9.6 per cent for condominiums, prices continue to remain just shy of peak levels recorded in 2007.

“Gains in employment and net migration have supported demand growth in the housing sector,” says Lurie. However, with unadjusted prices only recently recovering in some sectors, it is not a surprise that resale supply has not kept pace. As prices continue to improve and lending rates remain low, this should help support further gains in new listings, easing some of the tightness in the market.”

CREB® March 2014 Statistics

Calgary, April 1, 2014 – Residential sales activity improved across all sectors in March. However, declining new listings in the single family sector combined with further gains in sales activity decreased single family inventory to the lowest March level since 2006.

“There are several factors contributing to the growth in housing demand, including the inflow of people to our province over the past two years, strong gains in employment and tight rental conditions,” says CREB® chief economist Ann-Marie Lurie. “However, supply conditions vary amongst the different property segments, impacting the number of sales and price growth. If supply constraints persist in the single family sector, prices are expected to record further gains as we move into the spring market.”

Single family sales at the end of the first quarter totalled 3,901 units, a 9.5 per cent increase over the same period last year. Meanwhile, the amount of new listings declined by nearly five per cent. As sales growth outpaced the amount of new listings growth in the market, inventory levels dropped to just over 2,000 units.

Persistently tight market conditions prevented any relief in terms of price gains. The unadjusted single family benchmark price totalled $490,600 in March, a 9.9 per cent increase over the previous year and monthly increase of 1.6 per cent.

“With tight market conditions, particularly in the single family market, purchasers should ensure they have a clear understanding of what they can afford and what they are willing to pay for a home,” says Bill Kirk, CREB® president. “However, both sellers and buyers need to be aware that conditions are dependent on the community and price range that you are targeting.”

Condominium apartment sales totalled 1,062 after the first quarter. Sales growth was strongest in this sector due to the availability of listings. New listings after the first quarter totalled 1,722, an 18 per cent increase over the previous year. While demand continued to outpace listing growth, keeping market conditions relatively tight, inventory levels are similar to the previous year.

“Nearly 50 per cent of new listings in the apartment sector are priced in the range of $200,000 – $299,999, providing options for those looking for affordable product,” says Kirk. “However, there are far fewer options for those looking to spend less than $200,000. After the first quarter, apartment product priced below $200,000 has dropped from over 16 per cent of the market last year to 6.4 per cent.”

Condominium apartment and townhouse prices totalled a respective $287,200 and $313,100. Condominium apartment price recorded a year-over-year increase of 11.5 per cent and are the highest relative to the townhouse and single family sector. Despite strong price gains across all sectors, overall the condominium sector continues to record price levels below peak records.

“Some easing of the supply pressure in the condominium market is expected as new construction projects are completed,” says Lurie. “However, thanks to Calgary’s strong economy, it is expected that most new supply can be absorbed without risk of oversupply and condominium price correction.”

CREB® February 2014 Statistics

Calgary, March. 3, 2014 – Following double digit gains last month, sales growth in the city of Calgary totaled 1,854 units, or an 8.68 per cent increase over the same period in 2013. Slower sales growth resulted in a reduction of listings in the single family sector. However, single family sales still
totalled 1,230 units, a 1.9 per cent increase over the previous year.

“Demand growth in the single family sector has been restricted by the availability of product,” says CREB® Chief Economist Ann-Marie Lurie. “New listings in this sector fell for the second consecutive month, causing further tightening in an already undersupplied market.”

Despite the pull back in the single family sector, condominium sales continue to surge. After the first two months of the year, both condominium apartment and townhouse sales increased by 28 per cent compared to last year.

“Consumers who are in the market for single family homes priced below $300,000 do not have many options, and when product does become available, it typically does not stay on the market for long,” says CREB® President Bill Kirk.

“However, nearly 54 per cent of the new condominium apartment listings this year are priced below $300,000, which is providing options for consumers looking for affordable product.”

The condominium market benefited from significant gains in new listings. Year-to-date, condominium apartment and
townhouse listings improved by a respective 17 and 4 per cent for a combined total of 1,737 units.

“As we move into the spring market we expect that listings will improve in all sectors,” says Kirk. “The rise in listings will
help ease some of the tightness in the market, with price growth impacts varying by community and property type.”

With no significant additions to the housing supply, resale prices continued to rise.

The unadjusted single family benchmark price totalled $482,800 in February, a 1.28 per cent increase over the previous month and a 9.1 per cent increase over the previous year.

Meanwhile condominium apartment and townhouse prices totaled a respective $283,400 and $309,700. Condominium apartment price increases remain at double digit levels this month with a year-over-year gain of 12.4 per cent.

Despite the strong gains in condominium prices, overall benchmark prices in both the apartment and townhouse sector continue to remain below peak records set back in 2007.

“Resale market conditions have favoured the seller, and this has translated into price gains, which is strongest in the condominium sector,” says Lurie. “However, it is important to note that condominium prices have not yet risen above previous highs, whereas single family prices recovered last
year.”

CREB® January 2014 Statistics

Calgary, Feb. 3, 2014 – On the heels of a strong year of sales growth, January sales in the city of Calgary totaled 1,440 units, a 17 per cent increase over the previous year.

“Sales growth continues at the double digit pace seen over the later portion of 2013, mostly due to the gains in the condominium sector,” said CREB® chief economist Ann-Marie Lurie. “While these are the highest January sales levels since 2008, total sales transactions are in line with long-term trends.” Condominium apartment and townhouse sales totaled 466 units in January, a 33 per cent increase over the same period in 2013.  This is relative to the 974 sales in the single family sector, only a 11 per cent increase over the previous year.

Condominium apartment and townhouse sales totaled 466 units in January, a 33 per cent increase over the same period in 2013.  This is relative to the 974 sales in the single family sector, only a 11 per cent increase over the previous year.

“Consumers looking for more affordable product turned to Calgary’s condominium market, which was the only sector to record growth in new listings, compared to January 2013,” explained CREB® president Bill Kirk. “The improvement in listings helped ease some of the tightness in the condominium market, however overall conditions continue to favour the seller.”

New listings in the condominium apartment and townhouse market totaled 809 units, a combined increase of six per cent. Meanwhile, the single family sector lost momentum with new listings recording an eight per cent year-over-year decline. Overall market conditions continue to remain tight with months of supply remaining below two months.

“Two consecutive years of strong migration levels are expected to support improving housing demand this year, but at a slower pace,” said Lurie. “However, with no significant change in the supply situation this month, prices continue to rise at higher than expected levels.”

The unadjusted single family benchmark price was $476,700 in January, a 0.95 per cent increase over the previous month and a 9.1 per cent increase over the previous year.

The availability of lower price single-family product continues to decline, resulting in a shift in sales distribution. In January, 29 per cent of the single family sales activity occurred in the $400,000 – $499,999 price range, making it the category with the highest share of sales. In previous years, the majority of the single family transactions occurred in the $300,000 – $399,000 range.

Condominium apartment and townhouse prices totaled $280,600 and $308,100 respectively in January. On average, year-over-year price growth in the townhouse market totaled just more than 8 per cent, compared to the apartment sector increase of nearly 12 per cent.

While year-over-year condominium apartment price gains have pushed into double digit growth territory, the unadjusted benchmark price remains 5.5 per cent lower than levels recorded during the high.

Kirk noted that “While supply pressures have not yet eased in the market, it is important to note that we are in one of the traditionally slower months of activity in our housing sector as many consumers are waiting for the more robust spring market.”

CREB® December 2013 Statistics

Calgary, Jan. 2, 2014 – December’s eight per cent year-over-year increase in sales volume in the city of Calgary capped a year that saw an 11 per cent growth in sales volume for the entire 12 months.

City residential sales totaled 1,172 units in December, bringing total sold units for 2013 to 23,489. Prices for the year were up by 8.6 per cent over 2012.

“Sales growth exceeded expectations in 2013, pushing above long-term trends,” said Ann-Marie Lurie, CREB®’s chief economist. “Two consecutive years of elevated levels of net migration, combined with an improving job outlook and confidence surrounding long-term economic prospects, supported the demand growth.”

As expected, both new listings and transactions in December eased over the previous months because it is typically a slower time of the year for sales. However, sales activity for the month was in line with long-term averages, despite poor weather conditions just before the holiday season.

“Typically, fewer sellers list their homes in December,” said Becky Walters, CREB® president. “There were more new listings this year than in 2012 because some sellers saw the continued price gains and decided it was the right time to list.”

Market conditions favoured the seller for much of 2013, causing price gains in both the single-family and condominium sectors in the city.

The single family benchmark price was $472,200 in December, a 0.3 per cent increase over the previous month and an 8.6 per cent increase over the previous year. On an annual basis, unadjusted single family prices grew by more than seven per cent in 2013, exceeding previous highs.

“Prices have recovered in the single-family market, but sellers need to keep in mind there are differences between communities and types of homes,” said Walters. “Higher-end homes (priced above $500,000) have recorded slower price growth than those in the lower-price segment. And there are many communities where prices have not surpassed previous highs.”

There were 16,302 single-family homes sold in 2013, an 8 per cent increase over the previous year. Meanwhile, the 22,569 new listings were nearly one per cent higher than in 2012.

Condominium apartment sales totaled 4,007 units in 2013, more than 14 per cent higher than in 2012. Condominium townhouse sales totaled 3,180 units a 22 per cent increase over 2012.

“The condominium market is more affordable than single family, and that is attractive to first-time buyers who are weighing rising rental costs against ownership costs,” said Walters. “Investors are also attracted to condos, because prices have not yet fully recovered to their previous highs.”

Condominium apartment and townhouse prices totaled $278,600 and $307,100 respectively in December. On average, annual benchmark price growth in the townhouse market totaled just more than six per cent, compared to the apartment sector increase of nearly nine per cent.

“In 2014, both sales activity and prices are expected to improve, but not at the same pace recorded this year,” said Lurie “While factors influencing demand will support growth in 2014, rising listings and increased competition from the new home sector should alleviate some of the supply pressure in the market.”

Those factors, combined with potential increases in long-term lending rates, should take some of the steam off the exceptionally strong price growth recorded in 2013, said Lurie.

CREB® November 2013 Statistics

Calgary, Dec. 2, 2013 – City residential sales totaled 1,730 units in November, a 19 per cent increase in sales volume over the previous year. Following another month of strong activity, year-to-date sales totaled 22,322 units, 11 per cent higher than long-term trends. CREB® President Becky Walters said it appears that several factors are motivating buyers.

“Many first-time homebuyers appear to be moving now to get ahead of any further increases in home prices, rent hikes, or an increase in lending rates,” she said. “And current owners are taking advantage of the recent price gains to upgrade to a home that better fits their lifestyle.”

There were 1,823 new listings in the city in November. While this is an 12 per cent increase over levels recorded at the same time in 2012, listings remain below long-term trends and total inventory levels is lower than normal for this time of year.

“Tight market conditions have resulted in higher-than-expected price gains in all sectors of the Calgary market,” said Ann-Marie Lurie, Chief Economist. “However, these increases need to be put into context.”

Citywide, only the price of single-family homes has fully recovered and started to push above unadjusted levels recorded in 2007. Meanwhile, condominium apartment and townhouse prices remain below peak, Lurie said.

Single-family benchmark prices totaled $470,600 in November, 8.5 per cent higher than one year ago. Meanwhile, condominium apartment and townhouse unadjusted benchmark prices totaled a respective $279,600 and $305,700 in November, 6 per cent below 2007 peak pricing.

Year-to-date, single-family sales totalled 15,533 units, eight per cent higher than the previous year. The higher-than-expected rise in sales activity is due to stronger activity in the second half of the year.

Tightness in the condominium apartment market eased in November, as the year-over-year growth in November new listings of 23 per cent outpaced the sales growth of 20 per cent. While overall inventory levels remain 26 per cent lower than levels recorded in 2012, this is an improvement over the declines recorded throughout recent months. Year-to-date sales activity totaled 3,787 units, a 15 per cent increase over the previous year.

Condominium townhouse sales totaled 3,002 units after 11 months, a 21 per cent increase over the previous year. While this sector remains the smallest out of the Calgary housing types, it has recorded the largest gains in sales.

“Overall, sales growth in surrounding communities outpaced the city,” said Walters. “They offer the family friendly attractions of small towns, and they’re more affordable.”

Lurie noted the vibrant employment market has encouraged a large number of net migrants into the city over the past two years.

“This, combined with tight rental conditions and optimism over the long term outlook of the city, has supported the significant growth in housing demand this year.

Lurie said that concerns over affordability are often linked to potential house price corrections, but, “despite recent gains, Calgary’s housing market is still more affordable today than it was six years ago.”

CREB® October 2013 Statistics

Calgary, Nov. 1, 2013 – Residential sales activity totaled 1,953 units in October, an 18 per cent rise over 2012 and pushing year-to-date volume increases to just over 10 per cent.

However, on a year-to-date basis, city wide sales remain far below transactions levels recorded throughout 2005 – 2007.

“Some people have noticed that properties are selling quicker, and at times above list,” said Becky Walters, CREB® president.“But, in spite of very positive signs, we are not seeing a repeat of 2006.”

Year-to-date, the average residential home was on the market for 37 days before selling. That’s 16 per cent less time than last year, but much longer than the 20 days recorded in 2006. In addition, the citywide sales price-to-list price ratio has increased, but is lower than the levels recorded seven years ago.

New listings within the city of Calgary totaled 2,522 units in October, a nine per cent increase over the previous year.

While the rise in new listings was not large enough to result in inventory growth, it is the fourth consecutive month of year-over-year gains.

“Price growth and tighter market conditions have encouraged some of the recent rise in new listings,” said Ann-Marie Lurie, chief economist. “This is a trend worth noting as the rise is easing some of the tightness in the market. Despite some movement, seller’s market conditions persist.”

A total of 14,340 single-family homes sold after the first 10 months of the year, a seven per cent increase over the previous year. Sales growth has exceeded expectations mostly due to the recent rise in new listings, which was limiting growth potential in the first half of the year.

Year-to-date, 3,482 condominium apartments and 2,774 condo townhouses were sold. While condominiums remain a smaller segment of the market, year-to-date sales are 18 per cent higher than last year.

Unadjusted benchmark prices in the city of Calgary increased in October relative to both September of this year and October 2012. Single-family prices benchmarked at $468,000, while the benchmark price for condominium apartment and townhouse were a respective $276,100 and $302,200 in October.

Apartment-style condominium prices have been increasing at a faster pace than single-family home prices. However, unadjusted condominium prices remain seven per cent below peak levels, while single-family prices have risen above previous highs.

Single-family and condominium townhouse prices recorded year-over-year increases of eight per cent, while condominium apartment prices increased by 11 per cent.

“Employment growth, strong net migration, lack of rental product and low mortgage rate has contributed to the rise in housing demand over the past two years,” said Lurie.

“Meanwhile, supply levels have not kept pace, causing prices to push up.”

While upward price pressure is expected to persist in the near term, she said, it is unlikely we will face the same spike seen in 2006. That’s because economic conditions are quite different today than they were in that time period.

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