Single family homes in the inner-city drive recovery in Calgary - February 2011

Posted by Joe Samson & Associates on Wednesday, February 2nd, 2011 at 1:56pm.

Statistics released by the Calgary Real Estate Board on February 1, 2011 indicates that single family home sales in the City of Calgary edged upwards month-over-month and showed the first year-over-year increase since April 2010.

Sano Stante, president of the Calgary Real Estate Board has said that – “More affordable housing will continue to attract homebuyers to the inner-city, particularly as employment in the city of Calgary continues to improve. Single family homes in the city are currently driving this gradual recovery, and we are seeing an uptick in the sale of homes below the $350,000 price point. This may suggest more first time homebuyers are entering the market, providing the fuel needed for a sustained housing recovery.”

Looking at the numbers in more detail, in a month-to-month comparison, there were 787 single family sales in January 2011 compared to December 2010 when 734 single family homes exchanged hands, an increase of 7 percent. Year-over-year, it means a 3 per cent increase compared to January 2010 then 762 single family homes exchanged hands in the Calgary real estate market. In January of 2011, 297 condominiums have been sold and it’s a decrease from December of 2010 when there were 320 transactions recorded. In December of 2010, 376 condominium sales were recorded, a decrease of 21%.

“The recovery in 2011 will be incremental and gradual. Nonetheless, at the moment Calgary is offering buyers a great deal of affordability, low interest rates and a large selection of inventory,” says Stante. “Overall the first quarter of 2011 will show modest improvements in sales which will lay the foundation for the return to a more balanced market,” he adds.

Average Price of a Single family home in Calgary
• January 2011 - $454,287 (an increase of 3% compared to a year ago)
• December 2010 - $441,341
• January 2010 - $441,217

Average Price of a Condominium in Calgary
• January 2011 - $287,954 (an increase of 2% compared to a year ago)
• December 2010 - $282,768
• January 2010- $282,639

Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.

Median Price of a Single family home in Calgary
• January 2011 - $390,000 (a decrease of 2% compared to a year ago)
• December 2010 - $389,000
• January 2010- $398,000

Median Price of a Condominium in Calgary
• January 2011 - $255,000 (a decrease of 4% compared to a year ago)
• December 2010 - $258,500
• January 2010- $265,000

All city of Calgary MLS® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

Single family home listings in Calgary
• January 2011 – 1958 (an increase of 7% compared to a year ago)
• December 2010 – 728
• January 2010– 1,822

Condominium listings in Calgary
• January 2011 – 861 (a decrease of 9% compared to a year ago)
• December 2010 - 361
• January 2010– 951

”Alberta will begin to see growth in net-migration as the oil and gas sector regains traction. This will help boost consumer confidence and ultimately bring improvements to employment and family income—key drivers of our housing market,” says Stante.

Source: CREB

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Last updated on: 2012-05-17 00:22:34