CENTURY 21 Bamber Realty Ltd. - Blog

Calgary Housing Sales Trending Up

george.bamber@century21.ca — Thu, 01 Dec 2011 00:00:00 GMT

Stable Pricing Providing Opportunities for Buyers

Calgary, December 1, 2011 – According to figures released today by CREB® (Calgary Real Estate Board), Calgary residential sales in November increased eight per cent over last year, at 17,538 after the first 11 months of the year.

While sales activity tends to taper off in the winter months, so far this year Calgary area sales remain significantly stronger than levels recorded last year. Single family home sales totaled 962 for the month, an increase of eight per cent from November 2010. Meanwhile, yearto- date sales totaled 12,464, a 10 per cent increase over last year. Over the long term, however, sales remained a tepid 17 per cent below the 10 year average.

“Despite any global economic cautions, consumers are actively seeking well priced listings in the market, a reflection of their positive long term outlook for the city,” says Sano Stante, president of CREB®. “Following two years of employment losses, the current growth in jobs is translating into improvements in the housing sector and a more optimistic consumer.”

November listings have edged down over last year’s levels, decreasing by two per cent. Lower listings combined with the increase in sales helped reduce the months of inventory to less than four months.

The year-to-date average and median price of single family homes were a respective $467,140 and $406,500. Overall, prices remain relatively flat compared to last year.

“This stable pricing provides an opportunity for buyers in our market. The addition of historically low interest rates, combined with a good selection of inventory, makes it a trifecta,” Stante says. “With positive wage growth in the wind, this is a signal, and a reminder, that this market opportunity will not remain forever.”

Condominium sales for the first 11 months of the year totaled 5,074, a five per cent rise over the same period last year. Inventory levels declined to 1,676 units, helping push down the months of supply.

“The rise in condominium sales can be attributed to the confidence in the market, and is typical of this phase of a normal market recovery,” says Stante.

Condominium year-to-date average and median prices in 2011 were $287,545 and $261,500, respectively, a decline over the first 11 months of 2010, mostly due to increased sales in units priced under $200,000.

“Calgary continues to record impressive employment growth and long term fundamentals remain strong,” Stante concludes. “The strength in our economy, combined with affordability levels that outperform most major centers, will continue to attract migrants to the city and spur further growth in our Calgary housing market.”

CON DO AND HOME SALES FIND THEIR FOOTING

george.bamber@century21.ca — Mon, 04 Jul 2011 00:00:00 GMT

First year-over-year increase in monthly condominium sales since April 2010

Calgary, July 4, 2011 – According to figures released today by CREB® (Calgary Real Estate Board), residential sales surged in the month of June 2011 to 1,979 units. While this indicates a third more sales than June 2010, the year-todate increase proved a moderate 2 per cent. Strong monthly increases does not imply a housing boom, as it is important to put into perspective that sales activity remains below long term averages. While the single family market has shown signs of improvement throughout the first half of this year, this is the first time since April 2010 that condominium sales have recorded a year-over year increase.

“Improved housing demand is being fueled by a younger demographic and, with the affordability of homes in Calgary, we are continuing to see young Calgarians pursue ownership over rentals,” says Sano Stante, president of CREB®.

“Historically, Calgary’s average family income has been higher than the national average and a younger more mobile demographic has been attracted to good paying professional jobs in Calgary. As the economy continues to build momentum, we expect this same trend will support a balanced and healthy housing market in the second half of 2011 and into 2012.”

With 581 sales for the month of June 2011, the condominium market improved by 31 per cent over June of 2010, however year-to-date figures show a 5 per cent decrease over the same period last year.

“Condo sales bounced back this month, and we now have less than four months of supply on the market. Stronger condo sales, combined with a decline in inventory, will lend more balance to this market in the months to come,” says Stante.

After the first half of the year, average prices of condominiums are still slightly lower than levels recorded last year, as more buyers bought condominiums under $200,000 in 2011 compared to 2010 for the same period.

“Buyers in this market expect value and many are taking advantage of some affordable buys in both the single family and condo markets. It highlights using a skilled REALTOR® to properly price your home for your unique market area,” says Stante.

The single family market recorded 1,398 sales in the month of June 2011. This is an increase of 32 per cent when compared to June 2010 when 1,059 single family homes sold in the city of Calgary. With a total of 7,231 sales after the first half of the year, year-to-date single family sales are 6 per cent higher than last year.

“While new listings are still lower than levels recorded last year, the rate of decline has eased. With the market shifting to more balanced conditions in recent months, sellers are feeling more confident to list their home. Overall our absorption rate has remained relatively stable, staving off any significant rise in prices,” says Stante.

Year-to-date average price of a single family home in Calgary is $472,330, while the median price is $410,000, virtually unchanged over levels recorded in the previous year. The distribution of sales by price range has not shown any significant shift compared to last year, pointing to continued stability in the market.

“After the first half of the year, it appears the recovery in the housing market is starting to find its footing. This gradual leveling has been fueled by growth in employment, and in particular growth in full time jobs. Improved job prospects, combined with an increase in the number of people moving to Calgary, will give lift to our housing market for the remainder of this year and into the next,” says Stante.

INNER CITY HOUSING MARKET LEADS IN SALES

george.bamber@century21.ca — Wed, 01 Jun 2011 00:00:00 GMT

Buyers find value in inner city communities

Calgary, June 1, 2011 – According to figures released today by CREB® (Calgary Real Estate Board), year-to-date residential sales in the inner city grew nearly 4 per cent, outperforming the city wide average. City of Calgary residential sales totaled 1,816 in May 2011, a 2 per cent increase in volume over May 2010. However, slower early spring sales resulted in the overall year-to-date sales being 3 per cent lower than the 2010 spring market.

As the city grows, improvements in the inner city communities are consistent with changing preferences in lifestyle options.

“Consumers are looking for shorter commute times to work and easy access to a wider range of services provided by these inner city communities,” says Sano Stante, president of CREB®.

“Many of these communities are surrounded by abundant amenities such as parks, mature trees, diverse shopping and transit which appeals to a wide range of consumers; furthermore, inner city homes can be considered a stable real estate investment, as there is significant value in land located near the city’s core.”

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.

The decline in listings has caused inventory levels to come down to 4,616 units, an 18 per cent decline from last year. Moderate sales and a reduction in inventory have resulted in a decline in months of supply compared to May 2010.

To date, the single family market has fared better than the condominium market, as prices have come down from peak levels recorded in 2007 providing individuals more options with regard to home ownership, noted Stante. After the first five months of the year, single family home sales were 5,835 units, consistent with sales levels during the same time frame last year.

“With just under four months supply, we expect single family home prices to remain stable in the coming months,” says Stante. “Provided that interest rates remain moderated, we are positive about the near term stability and recovery in the Calgary real estate market. ”

“While condominiums continue to experience some decline in sales and prices, the rate of decline seems to be easing, indicating signs of improvement in this market” adds Stante.

The inventory of condominiums continues to remain higher than average, but has declined by 21 per cent from levels recorded in May 2010.

Condominium sales were 503 for May 2011, 3 per cent lower than last year’s figures. Year-to-date condominium sales are 11 per cent lower than last year’s levels, however, listings have declined by 19 per cent as well overthe same time frame, placing downward pressure on inventories.

“Full time employment growth has been sluggish in Calgary, with only notable improvements occurring in April,” says Stante. “All indications point to the trend that as full-time employment growth takes hold in the later portion of the year, so too will improvements in migration, ultimately translating into improvements in the housing market.”

CALGARY HOUSING MARKET SET FOR GRADUAL SPRING THAW

george.bamber@century21.ca — Mon, 02 May 2011 00:00:00 GMT

Higher priced homes selling faster as listings trend down

Calgary, May 2, 2011 –According to figures released today by CREB® (Calgary Real Estate Board), City of Calgary year-to-date sales declined by 4 per cent compared to the first four months of 2010. The decline was offset by a 14 per cent drop in listings recorded over the same period, resulting in lower inventory levels, and a moderate growth in average prices.

In April 2011, single family home sales were 1,217, while 2,299 listings came to market, a decline of 10 per cent over April 2010 and 25 per cent, respectively. Inventory levels rose slightly over March 2011 levels, but remained well below inventories recorded in April 2010, and close to the long term average, indicating the market continues to show balanced conditions.

“While our spring market has been a little slow to get started, we are seeing our inventory levels return to healthy levels,” says Sano Stante, president of CREB®. “This trend, combined with an improving job market, will help warm up Calgary’s housing market in the coming months.”

Along with a decline in inventory, Stante points out that homes in the higher-end of the market are selling faster, with average days on market trending down, and below the 5-year average.

“We are seeing improvements in the sale of homes in the higher price points. Homes above $700,000 are selling within an average of 41 days. This is consistent with pre-recession levels,” says Stante.

The average price of single family homes in the City of Calgary in April 2011 was $479,575, a 4 per cent increase from April 2010 levels. Meanwhile, the median price of $420,000 rose by 1 per cent over levels recorded in April 2010. The price differential comes as a result of high end home sales. In April 2011, two single family homes were sold in the price range of $3 million to $4 million, skewing up the monthly average price.

“Condominium listings declined 27 per cent in April, helping to offset a 16 per cent decrease in year-over-year sales. The decline in listings is significant and has helped place downward pressure on inventory levels. This will improve stability in condominiums and begin to move it towards a more balanced market,” says Stante.

Year-to-date condo sales were 1,883, a 13 per cent decline compared to the first four months of 2010. The condominium average price for the month of April 2011 was $289,158, similar to the previous year when condominiums sold for an average of $289,588. The median price for condominiums in the month of April 2011 was $260,000, down 3 per cent compared to the same time last year.

“All in all, the positive investments we are seeing in the energy sector and our economy will begin to translate into improved job prospects and growth for Calgary. This will help contribute to a stronger demand for housing and a stable real estate market,” adds Stante.