Photo by Lucy
According to a report released by the Calgary Real Estate Board (CREB), Calgary’s home sales, prices, and listings have decreased since last year. Single family home sales did better than the condominium market, indicating that Calgary’s housing market will now be driven by single family homes.
Single family home sales were recorded at 1,355 in March, decreasing by 3% since March 2010. In the first quarter of 2011, they grew by 4% since the first quarter of 2010. “The combination of stable home prices, low interest rates and year-over-year improvements in employment are the primary factors fueling the growth,” the report explains. People continue to purchase more homes at lower price levels, so average prices in March remain relatively stable at $462,947 (a 2% decline since March of last year). Sales in Calgary’s northwest were the strongest (with a 13% increase from the first quarter in 2010), while the lowest prices were in the northeast (with $282,713 this quarter), and the highest were recorded in the southwest (with $570,748 this quarter.)
The condominium market dropped this quarter by 11% from last year. The average price was $280,781 in March — a 5% decrease since March 2010. Resales of condominiums also decreased due to an improved selection of affordable single family homes and higher inventory levels of new condominiums. It is expected that condo sales will improve in the second half of the year. “This provides a window of opportunity for condo buyers early in the year to discover a large selection of available product at affordable prices,” explains Sano Stante, president of CREB.