March 2014 Real Estate Market Update For Calgary, Alberta

Calgary’s resale housing market activity for March 2014.

According to the Calgary Real Estate Board, new levels were reached during the month for median and average MLS sale prices in the single-family market, condo unit sales were up 20% over last year and the Country Residential resale Market is back.

“Today’s Calgary’s real estate market continues to perform at a pace around 2006 unit numbers and this is a positive sign to many businesses. Starter homes and low priced condominiums are selling quickly today buoyed by great mortgage rates, employment numbers and the net migration continuing to occur into our city. Inventory should begin to show up again after the abysmal winter we just had and a more balanced market for inventory will probably be back in the late summer or fall” Says Forsythe.

The average sale price of a single-family home in March 2014 reached a record of $556,402, eclipsing any previous year ever in the City. Average sale prices during the month were up 16.86 per cent from a year ago.

Record prices were March for sales in the city with the average price at $478.157, up 5.35% per cent from last year, and the condominium market exploded in March up 28.11% over the same month in 2013. The good news for condo buyers is the average price was only up about 9% over that time. The Luxury Market in and around Calgary continues to flourish and there doesn’t seem to be a finish line here with our economy and net migration in Alberta.

Previous record prices for total MLS residential sales were set in March of this year at $460,903 for the average and $403,000 for the median. The benchmark price in May was up 6.89 per cent to $409,600.

In April with the snow disappearing we could see some well needed inventory show up in the market. Bye, bye snow and hello Spring. Total CREB MLS sales were 3233 a 20% increase year over year.

Tighter mortgage rules were supposed to curb this activity, Alberta’s economy is so strong that mortgage rates seem to be a footnote.  While the majority of buyers are purchasing single-family homes and condos the Luxury and Country residential Markets are also firing on all cylinders.

All of this information was gathered by Rod from many sources including the Calgary Herald and the Calgary Real estate Board

Have a great day,

Rod Forsythe //Managing Partner // The Forsythe Group  Keller Williams Premiere Realty// Calgary Ab Canada   403.777.1040

 http://www.RodForsythe.com //#1 Keller Williams agent in Alberta since 2010

 

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Leading to downtown Calgary from the north side of the Bow river
Leading to downtown Calgary from the north side of the Bow river