Central Alberta Real Estate September 2014 Statistics

Best September on record for Central Alberta home sales 

Red Deer, October 20, 2014 - Residential sales reported through the MLS® System of the Central Alberta REALTORS® Association remained at very strong levels in September 2014.

Home sales numbered 503 units in September, an increase of 12.3 per cent from the same month last year. This was the best September 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 10.3 per cent from a year earlier in September 2014.

On a year-to-date basis, Central Alberta home sales were running 12.1 per cent ahead of the first nine months of 2013 and also stood at a record for the period.

New residential listings on the Association’s MLS® System numbered 709 units in September, up 4.7 per cent from year-ago levels.

There were 2,742 active residential listings on the Association’s MLS® System at the end of September, down 6.5 per cent from levels at the end of September 2013.

There were 5.5 months of inventory at the end of September 2014, down from 6.5 months reported at the end of September 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 September 2014 was $157.8 million, rising 22.2 per cent from a year earlier and a record for the month. The dollar value of home sales in all of Alberta was up 15.6 per cent from September 2013.

Sales of all types of properties totalled 524 units in September. This was up 11.5 per cent compared to September 2013. The total value of all property sales amounted to $166.1 million in September, up 19.2 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.carassociation.ca, www.REALTOR.ca (residential properties) and ICX.CA (commercial and investment properties).

CREB® September 2014 Statistics

Condominium sector boosts Calgary resale housing activity
Citywide year-over-year sales growth reaches double digits

Click here to access the full monthly statistics package.

Calgary, Oct. 1, 2014 – Calgary’s condo sectors continue to set the pace for the city’s residential resale housing market, which recorded 2,148 sales in September, nearly 12 per cent higher than the same period last year.

“September’s sales growth was stronger than expected, due largely to a surge in condominium apartment and townhouse sales,” said CREB® chief economist Ann-Marie Lurie, who credits Calgary’s strong economy and fewer options in the lower-priced single-family market behind the continued demand.

For the fifth consecutive month, year-over-year condominium apartment sales growth outpaced growth in the single-family sector. Year-to-date condominium apartment sales totaled 3,819, a 21 per cent increase over last year. This compares with a seven per cent increase to 13,842 units in the single-family market over the same time frame.

Added supply in the condominium apartment sector, meanwhile, is providing more choices. New listings increased by 48 per cent in September over last year and nearly five per cent over last month, further improving inventory levels and pushing this market into balanced territory.

In the condominium townhouse market, sales and listings continued its year-to-date trend, rising 20 and 21 per cent, respectively, compared to the same period a year ago. Over the first three quarters, 3,002 units have exchanged hands, relative to the 4,011 new listings.

Despite an increase in new listings, the condominium townhouse market continues to be relatively tight, with absorption rates remaining below two months.

“While overall supply levels have improved, the condominium townhouse sector continues to reflect the tightest market conditions in Calgary,” said CREB® president Bill Kirk.

New listings in the single-family market similarly increased in September, helping to improve inventory levels above two months. A total of 2,148 units entered the market during the month, a jump of nearly nine per cent compared to the same period last year.

“While conditions are now more balanced, the composition of the single-family market has changed,” said Lurie. “One-quarter of year-to-date sales in the sector has been for product priced below $400,000. Last year, it represented 35 per cent of the market share. Two years ago, it accounted for 44 per cent of all single-family sales.”

The single-family benchmark price topped $512,800 in September, similar to August, but a 10.6 per cent increase year-over-year.

Condominium apartment and townhouse benchmark prices grew to respective $298,900 and $330,200, reflecting gains of more than 9.5 per cent relative to last year.

“Calgary’s housing market throughout the spring favoured the seller, resulting in higher-than-expected price gains,” said Kirk. “Now a more balanced market is relaxing some of that upward pressure on home prices, and prices are leveling off relative to the previous month. Year-over-year, however, gains are still in the double-digit range.”

Recent price gains have encouraged listings growth and, ultimately, supply in all sectors, said Lurie.

“However, citywide inventory levels continue to remain below historical norms, and current demand levels continue to point toward healthy absorption rates,” she said.

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.

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