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.”

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.”

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