March 1 CREB Stats just released! According to statistics, sales activity in residential real estate increased by 11.6% compared to last year. “More selection and a wider range of prices have drawn consumers to the condominium townhouse and single family markets,” says Jablonski. “As is the case with all property types, we saw modest price improvements compared to February last year, but overall levels remain below peak pricing.”
“City sales were boosted by a lot of activity in the last week of the month,” says Bob Jablonski, CREB® president. “This points towards the improvements that we expect to see in our spring market activity.”
The statistics show that mainly due to the activity in the surrounding areas, this fueled the total number of sales for February.
Single family sales and condominium townhouse sales were the bright lights in the city of Calgary, while condo apartments continue to lag in volume of sales. There were 1,284 single-family homes sold in February 2012, a 10.9-per-cent increase over last-year figures, and a 5.6-per-cent year-to-date increase. Condo townhouses gained 11.4 per cent year-over-year in February sales.
Meanwhile, condominium apartment sales totaled 248 for February 2012, an 11.7-per-cent decline over last-year figures. Despite the 12.7-per-cent year-over-year decline in new listings, inventory levels rose to 1,031 units.
Fewer new city listings are coming to the market, with a year-over-year decline of 10.2 per cent. Inventories also fell by 8.5 per cent over last year’s figures, with a total inventory of 4,736 for the month. The opposite is true in the surrounding towns, where listings recorded a year-over-year improvement of 12.1 per cent and no significant change in inventories.
“The lack of new listings in the city compared to the surrounding towns provides insight into the improved activity in the surrounding areas, as those who are actively seeking a home in the surrounding towns are not limited in their choice by lack of new listings in the market,” Jablonski says.
“While the apartment market continues to lag the other sectors in the city, the balanced conditions in the total city market point towards stable pricing,” says Jablonski. “There do appear to be some positive headwinds. Following several months of decline, prices appear to have stabilized lately and recorded some modest gains in February,” Jablonski concludes.
Despite the variances in the specific property types, all indicators in the Calgary region continue to point towards stable growth in Calgary’s overall housing sector.
Read the full statistics package here.