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For the month of August 2013 We have seen strong sales growth in Calgary's Real Estate market. The seller market condition is pushing up prices in specific areas. 

 

Residential Sales Volume

Calgary's residential real estate sales totaled 2196 units which represents a 27.53% increase compared to august 2012 and up 8.65% year to date basis.

 

“The sales have been limited by the need for more resale listings,” said CREB® President Becky Walters. “However, August did see more new listings than last year, giving buyers more choice.” 



city of calgary august real estate sales


SF  - Single Family Homes                TH Sales - Total Home Sales

 

Residential Real Estate Prices

Much like in July 2013 Calgary's resale market is still in sellers’ territory, which supports price growth.

Citywide average prices are at $453,752, 8.8% higher than in August 2012 and up 6.8% year to date basis .


Benchmark price for the city of Calgary was $417,300 in August 2013 which represents a 7.6% increase comared to last August. 



“While the flooding will alter sales, listings and price trends in the affected areas, the impacts on the entire resale market will likely play out over the coming months,” said Lurie. “July sales growth has been stronger than year-to-date trends and long-term averages. However, if the level of new listings continues to rise, this could help ease tight market conditions.” - CREB's chief economist Anne-Marie Lurie

 

Calgary Residential real estate statistics - august 2013


New Listings

New listings in August 2013 totalled 2774, an increase of 7.4 per cent year-over-year. 

 

Eventhough seller’s market persists and total inventory levels keep falling, the increase in new listings volume helped prevent further tightening in the market despite the sales growth.

 

“Housing demand has been supported by another year of strong migration levels, improving employment and wage growth,” said Ann-Marie Lurie, CREB® Chief Economist. “Last year’s mortgage rule changes did not reverse the sales growth in our city, but did redirect demand to more affordable product.

 

“While recent increases in lending rates may require purchasers to adjust their expectations, Calgary remains a relatively affordable Canadian city. Our affordability, combined with a positive economic outlook is expected to support demand growth for the remainder of the year.” 

Home Price Index

You can see in the graphs below, the slow increase in the Home Price Index (HPI) over the past few years, a sign of a strong, healthy and balanced market.


Calgary Home Price Index August 2013

HPI for Calgary Real Estate Statistics August 2013 


 

Summary Statistics for the City of Calgary

Market Snapshot

Single Family

Condo/Apartment

Condo/Townhouse

Monthly

Aug '12

Aug '13

%Chg

Aug '12

Aug '13

%Chg

Aug '12

Aug '13

%Chg

Total Sales

1167

1517

29.99

315

397

26.03

240

282

17.50

New Listings

1810

1969

8.78

464

450

-3.02

309

355

-14.89

Average Price

475,679

517,234

8.74

281,941

297,807

5.63

309,309

331,793

7.27

Active Listings

3535

2791

-21.05

1065

690

-35.21

584

417

-28.60

Days on Market

43

37

-13.97

52

43

-16.57

50

34

-31.51

 

MLS HPI

August 2013

% of Changes

 

 

Benchmark $

HPI

Jul '13

Feb '13

Aug '12

Aug '10

Aug '08

Single Family

464,700

197

0.7%

5.0%

7.4%

16.8%

12.7%

Condo/TH

298,500

187

1.4%

5.5%

7.3%

8.4%

0.3%

Condo/Apt

270,600

189

1.1%

7.0%

8.8%

10.9%

3.4%

 

What I see here is very important to the growth is a slow and steady increase.  Yes, the summer months were busier than normal, but we are not seeing very strong spikes in pricing as we saw in 2006/07.  


I do still see certain sectors of the market being normal and/or below normal. This more specifically in the newer communities.  Homes that are slighly over priced and/or unique are taking longer to sell - or don't sell unless they have a price adjustment.  


Where we are seeing the strongest market is in the older, more established communities.  But even then, when a home owner tries to push the limits, the home will not sell.   I view this as a positive, knowing buyers are not being forced into paying too much for a property.  They know they can take their time and wait for a price reduction or a more accurately priced home.

 

Download August 2013 Calgary Real Estate Board Statistical Package (pdf format)

View previous month statistic's.

 


What are your thoughts on Calgary's real estate market? Comment below.

 

Are you courious what your home or condo is worth with some of the increases in market values?

I can provide quick and easy (no obligation of course) online home evaluations.

 

About the Author

Dan Welyk

Dan Welyk has been a Licensed Real Estate Professional since 1999 and has grown up in the Real Estate Industry. FindNewDigs.com brings home buyer's and home owners together to find useful information, tools and ideas.

 

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Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
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