For the seventh consecutive month, sales in both the Calgary single-family home and condominium markets have increased from year-ago levels.
The trend began in May and continued through to November as the latest MLS stats released by the Calgary Real Estate Board on Tuesday clearly show.
And average sale prices continue to rise as well.
In November, the average MLS sale price for single-family homes rose for the fourth consecutive month compared with the same month in 2008 while it climbed for the third consecutive month in the condo market.
Single-family home sales increased by 63 per cent from a year ago while condo sales were up 77 per cent.
In November, there were 1,095 single-family home sales for an average sale price of $464,444. November 2008 saw 670 sales for an average price of $435,471. The average price has increased by seven per cent.
The condo market last month had 504 sales for an average of $294,264 compared with 284 sales and an average of $285,820 in November of 2008. The average price has increased by three per cent.
Some consumer confidence has returned to the local residential real estate market compared with what it was a year ago, said Bonnie Wegerich, president of the Calgary Real Estate Board.
“Clearly low borrowing costs are helping fuel this recovery,” she said. “Many buyers want to get in while mortgage rates remain at record lows. Better employment numbers and an improving economic outlook are giving the market an added boost.”
Wegerich said a healthy demand for homes combined with a steadily decreasing inventory is holding prices firm.
Also on Tuesday, a report by economist Pascal Gauthier of the TD Bank Financial Group said that on the national level, after climbing by an estimated four to four per cent on an annual basis this year, the average existing home price is expected to gain another nine to 10 per cent in 2010 with sales increasing by 2.7 per cent.
“But the current momentum is not expected to last beyond the next six to 10 months,” he said in the report. “Were it to continue into 2011, there would be more credence to the view that a bubble has formed. But the brakes are currently being applied in the background, which should prevent a bubble from forming between now and then.”
-Source - By Mario Toneguzzi, Calgary Herald
Home Sweet Home Team
Century 21 The Professionals Ltd.
#1, 4600 Crowchild Trail NW
Calgary, AB T3A 2L6
CENTURY21.ca generates 3x more visitors per Sales Representative than any of our competitors. Call me to discuss how this can HELP You Sell your Home today!