Calgary Real Estate Report March 2011

Calgary Suburbs by Evan Leeson
Calgary Suburbs by Evan Leeson

The real estate market in Calgary continues to thrive. March finished with 1334 single family home sales and 566 condominium and town home sales. We continue to see a marked increase in buyers of Calgary real estate. This past March, sales went up 14.1% for single family homes and 20.9% for condos. This might seem like a significant increase, but bear in mind that, since this time last year, prices have decreased by 3.9% for single family homes and 6.4% for condos.

The median price of single family homes held steady from February 2011, while the median price of condos and town homes decreased by 4.5% over the same period. Moreover, the average price of single family homes in the city of Calgary increased by 0.3%, while the average price of condos decreased by 3.3% this past month.

Fortunately, homes are selling more quickly in Calgary: the average days spent on market have improved slightly. Currently, approximately 3.8% of real estate listings are Bank Owned or foreclosures. We are seeing in particular multiple offers on foreclosure properties priced under $300,000. It will be interesting to see if these trends keep up in the coming months.

See complete Calgary Real Estate Report attached.

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