HOMEBUYERS’ CONFIDENCE HOLDS STEADY DESPITE
GLOBAL TURMOIL
Sales gain momentum in the first three quarters of 2011
Calgary, October 3, 2011 – According to figures released today by CREB®
(Calgary Real Estate Board), residential sales continued to gain momentum
in Calgary this year, totaling 14,832 after the first three quarters, a seven per
cent per cent rise over last year.
“Despite recent turmoil in the global economy, Calgarians are showing
confidence in the long term prospects for the city and are taking advantage
of affordable and stable home prices,” says Bob Jablonski, president-elect
of CREB®.
“Undoubtedly, there are a lot of unknowns in the world’s current financial
situation, but Calgary and Alberta may be relatively safe havens amidst
this uncertainty. Granted, gains in the housing market have been very
gradual—but we are seeing signs of improvements. Our province’s growth
is expected to outperform the national average, and this will help buoy
consumer confidence in Calgary and Alberta.”
Single family home sales totaled 1,036 for the month of September, 2011,
an eight per cent increase over last September. Year-to-date sales totaled
10,518 units a 10 per cent increase over last year. Monthly gains in listings
brings inventory to 4,753 units, a level still lower than the previous year.
“Clearly there is a market for well priced listings. In particular, we are
seeing strength in detached single family home sales. Relative affordability
in this market has meant these homes are selling faster than condominiums
and townhouses,” says Jablonski.
“And single family homes are selling closer to asking price—suggesting that
homes will move in this market, when priced right,” added Jablonski.
The average price of single family homes for the month of September, 2011
was $466,167, while the median price was $400,000. Jablonski indicated
that while prices have marginally improved compared to September 2010
figures, on a year-to-date bases both the average price and median price
have remained relatively stable.
After the first three quarters of this year, condominium sales totaled
4,314, a two per cent rise over the same period last year. “While the
increase is modest, it is a move in the right direction,” noted Jablonski,
adding that a boost in condominium sales, along with a lower number of
listings is helping to tighten this market. At the end of September, 2011,
condominium inventories totaled 2,008 units compared to 2,204 units
recorded in September 2010.
Average condominium prices reached $299,508 in September, 2011,
appearing to record a significant increase. However, the increase in price
is not caused by a general price rise, but has been pushed up by a $4 million
plus sale. In fact, both the median price of $260,000 and the year-to-date
figures continue to trend lower than figures recorded last year.
“The recent news of financial turmoil may be a shot across the bow for the
world economy, but Calgary and Alberta are relatively safe harbours in the
storm,” concludes Jablonski.
“Calgary continues to add full-time jobs to the economy,
and migration is moving in the right direction. These
are positive factors that will give momentum to our
housing market and give wind to the sails of Calgary’s
economy.”
september 2011
About CREB®
CREB® is a professional body of more than 5,000 licensed brokers and
registered associates, representing 248 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.
For Calgary Metro, CREB® statistics include only Zone A, B, C, and D for
properties located in Calgary. Furthermore all historical data has been
adjusted to the most current information.
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
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