Residential sales have surpassed year-over-year for four consecutive months since July.
According to CREB (Calgary Real Estate Board) year-over-year statistics, residential sales increased 18 per cent over last year with sales volumes increasing just over 10 per cent. However, these transaction levels are far from what was recorded in the 2005-2007 real estate market.
Becky Walters, CREB® president, said “Some people have noticed that properties are selling quicker, and at times above list,” “But, in spite of very positive signs, we are not seeing a repeat of 2006.”
Eventhough the days on market and price-to-list ratios have increased from from last year, it is not near the levels recorded in 2006.
“Price growth and tighter market conditions have encouraged some of the recent rise in new listings,” said Ann-Marie Lurie, chief economist. “This is a trend worth noting as the rise is easing some of the tightness in the market. Despite some movement, seller’s market conditions persist.”
Most of the sales to date occured after the first ten months of this year, causing the sales growth to exceed previous year's numbers. This is due to a sudden rise in new listings over the past few months.
“Employment growth, strong net migration, lack of rental product and low mortgage rate has contributed to the rise in housing demand over the past two years,” said Lurie.
“Meanwhile, supply levels have not kept pace, causing prices to push up.”
The market is expected to continue at a steady increase, unlike the record levels seen in 2006. Lurie said this is due to the different economic conditions we have today compared to 2006.
Sales - 18.46% increase
October 2013 - 2,548
October 2012 - 2,151
New Listings - 10.18% increase
October 2013 - 3,453
October 2012 - 3,134
Active Listings - 10.95% decrease
October 2013 - 6,944
October 2012 - 7,798
Benchmark Pricing - 8.17% increase
October 2013 - $413,100
October 2012 - $381,900
Calgary total sales - 17.72% increase
October 2013 - 1,953
October 2012 - 1,659
CREB Towns total sales - 22.04% increase
October 2013 - 382
October 2012 - 313
Calgary Sales Statistics
Single Family Sales - 14.29% increase
October 2013 - 1,336
October 2012 - 1,169
Benchmark Price - $468,000 - 8.01% increase
Condo Apartment Sales - 24.35% increase
October 2013 - 337
October 2012 - 271
Benchmark Price - $276,100 - 11.78% increase
Condo Townhouse Sales - 27.855% increase
October 2013 - 280
October 2012 - 219
Benchmark Price - $302,200 - 8.32% increase
View Full CREB Monthly Statistics package http://www.creb.com/public/documents/statistics/2013/package/res-stats-2013_October.pdf