Rod Forsythe’s Calgary Real Estate Market update for May 2011
The average price for single family homes in May 2011 was $489,482 and the median price $423,000, comparable to levels recorded last year. Single family home sales were 1,313 in May 2011, a 5 per cent increase over last year, while 2,552 listings came to market, a 14 per cent decline over the same period last year. Calgary Real Estate Board
The numbers tell the truth we are not yet back to a normal market as far as sales of property in Calgary goes.
The good news is inventory levels are down to a 3 or 4 month supply, new home builds cost more today because of the increased fees on the land component for the developers, interest rates remain at the lowest levels we can remember (these rates could be the lowest rates we will see in our lifetimes) and we live in Calgary Alberta Canada.
Single family home sales are still below the averages of 2003 & 2004. condominium sales are the weakest part of our market and pricing reflects this, recreational acreage properties are performing well and the surprising part of our market is the $700,000 plus price point. Homes sales above $700,000 in Calgary are up a whooping 50% from this period last year. The people with money seem to be investing and or repositioning at a high level in our market place again.
Calgary and Alberta are touted to be bright spots as we move back to a balanced market and some experts are predicting another boom in the next few years. It has been my observation since 1986, that when the real estate market is under performing you buy and when the market is over performing you sell.
Reality and cautious optimism are back, affordability is high and the economic indicators are all around us.
If you’re thinking about buying and selling this is a great time to reposition across the market. The experts still agree Alberta is a great place to live and that this is a good time to invest in real estate again.
Whatever your Calgary Real estate needs might be, my team and I are ready to serve you….
“The secret of health for both mind and body is not to mourn for the past, not to worry about the future, or not to anticipate troubles, but to live in the present moment wisely and earnestly.”
Have a great day and please call me for any information you might require,
Keller Williams Real Estate
#1 Keller Agent in Alberta for 2011
#3 Keller Williams Agent for Canada 2011
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