CALGARY — Town activity is brisk after the first half of the year, outpacing MLS sales growth within city limits, says the Calgary Real Estate Board.
Year-to-date town housing sales totalled 2,703 units, a 40-per-cent increase over the previous year, compared to the 16-per-cent hike recorded within city limits over the same time period, said the board in releasing its data on Wednesday.
“Strong sales growth in the surrounding towns is, in part, a result of sufficient supply levels,” said Bob Jablonski, CREB’s president. “New listings in surrounding towns have risen by nearly 13 per cent after the first half of the year, while city levels declined by nearly three per cent. Among other factors, improved choice in surrounding areas has encouraged consumers to purchase there, so much in fact that much of the excess supply levels have declined. This is bringing the market into a balanced state.”
CREB said the average single-family benchmark price rose by 2.4 per cent in surrounding towns in the first half of the year, compared with a five-per-cent increase within city limits.
The average year-to-date MLS sales price is $358,364, up 1.31 per cent from the same period a year ago.
“A significant discount in prices compared to Calgary, combined with slower price growth and sufficient selection, has made the surrounding areas desirable to many consumers,” it said.
“The recovery of town activity, including price appreciation, has lagged city activity. However, it appears the town market has gained traction in terms of both sales and price growth, reinforcing the belief the entire Calgary region is returning to normal levels of activity.”
In June, there were 609 MLS sales in the towns outside of Calgary market, up 41.3 per cent from a year ago. The average MLS sale price in June was $358,331, down 0.45 per cent from June 2011.
The June sales were the highest monthly amount so far this year.