In the September 2013 report, CREB stated that the City of Calgary residential sales increased by 19 per cent when compared to same period during 2012.
While sales activity over the past three months has been above long-term trends, it was less so in September than in July and August.
It appears that the market is slowly shifting from a seller’s to a buyer’s market. The number of new listings have been declining over the last 2 years, but over the last three months we have seen a slight improvement.
Activity varies by community, property type and price. Consumers searching for lower-priced single family homes often have to adjust expectations or consider alternative communities or property types. While many buyers think the seller’s market conditions should lead to a significant price premium for their property, consumers remain price sensitive.
“While prices show strong year-over-year gains, if the level of new listings continues to improve relative to sales activity, prices should level off for the remainder of the year.
Condominium apartment prices totaled $272,900 in September, a 9.5 per cent increase over 2012 and 0.9 per cent higher than August figures.
Meanwhile, single family and condominium prices totaled a respective $463,700 and $299,100, similar to unadjusted levels recorded in August and more than seven per cent higher on a year-over-year basis.
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(Source of information: CREB)