Rod Forsythe’s Calgary Real Estate market Update for April 2013
Calgary’s residential real estate market was more seller focused this March with 20% fewer listings available than in of March 2012. A lack of inventory tends to create a busier looking market than it actually is. Market conditions are a far cry from activity witnessed throughout the frenzy in 2006 and 2007, in fact unit sales in Calgary are still trending under the 10 year average. Homes under $500,000 are in limited supply and with the Spring in full bloom people just need to be a little patient for new listings to show up. The Luxury market in Calgary has had a hand in price increases; the plus $800,000 market is up in unit sales by a staggering 28% over this time last year. In Calgary with the snow finally leaving the ground the Spring inventory will continue to increase. April has already seen a 14% increase in new listings compared to last April. Average price increase year over year in the total Calgary real Estate Market stands at a 6.09% increase over the 2012 average price.
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Rod Forsythe’s January 2013 Calgary Real Estate Report
Calgary’s real estate market is still climbing back to normal. The newspapers are saying how great the Calgary market is doing and they are correct if you use 2009-2012 sales numbers. The real story is Calgary is still climbing back and has slowly recovering since mid-2010.
The inventory today is quite a bit below normal. This is a low amount of inventory for the beginning of any year. The average price for a single family home in January ended up at $437,769; the average condo price is $280,273 and the average days on market for a listing in January was about 47 days.
Country residential property sales remained constant year over year and a rock solid year is expected.
With net migration happening in Alberta again, the price of oil and gas and the fact that 20% more properties sold for more than a million dollars in 2012 than in the past few years it seems as if this market will continue to grow.
If you’re thinking about buying or selling real estate again in Calgary this could be a good time to reengage. Timing might be perfect to move across the market, move up in this market or sell your home and buy a place in BC or the U.S.A.
The following are MLS sales and the average sale prices for all properties in Calgary in the past few years.
If you are thinking of buying or selling Real Estate anywhere, please give me a call I would like to help.
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information provided by the Calgary real estate board. Opinions are by Rod