Calgary Alberta Market Report for October 2013
Calgary’s resale housing market continued to soar in October with strong year-over-year hikes in both sales and prices.
According to preliminary data from the Calgary Real Estate Board, MLS sales of 1,953 for the month were up 17.72 per cent from a year ago as the average sale price rose five per cent to $458,876 while the median price saw an increase of 5.96 per cent to $409,000.
“The October Calgary real estate market kept a consistent absorption rate between two to 2.2 months’ worth of inventory. This places us in a strong sellers’ market.
“Attributes of a sellers’ market are, competing offers, listed home selling in the first two weeks or sooner, sellers being able to dictate the terms of the negotiations and not having to settle for much less than realistic asking prices. All consistent with our October experiences.”
Although new listings for the month were up 9.08 per cent to 2,522, active listings at the end of the month were down 16.18 per cent to 3,840.
The average days on the market to sell a property dropped from 45 a year ago to 40 in October.
This Calgary Market is fuelled by a number of factors: seasonal fall peak activities with people wanting to purchase and move into homes before winter sets in; investor speculators coming into the market due to the flood impact in June; corporations reorganizing and centralizing back to Calgary and Edmonton; and rental rates increasing.
Buyers have to react to this market by acting quickly when homes came available for sale, being prepared to pay Top Dollar or above..
Sales and prices were up across all housing categories in the city during the month.
In the single-family home market, there were 1,336 MLS sales, up 14.29 per cent from last year with the average sale price increasing by 4.76 per cent to $516,244 and the median price rising by 5.12 per cent to $452,000.
The condo apartment category saw sales rise by 24.35 per cent to 337. The average sale price was up 6.76 per cent to $309,414 and the median price rose by 8.80 per cent to $272,000.
In the condo townhouse market, sales of 280 were up 27.85 per cent with the average price rising by 13.49 per cent to $365,036 and the median price up by 8.29 per cent to $319,450.
The towns surrounding Calgary saw sales jump by 23.64 per cent to 387 with the average price increasing by 13.51 per cent to $390,580 and the median price up 8.11 per cent to $360,firstname.lastname@example.org information provided by the Calgary Herald