Dan Welyk Realtor®  Since 1999

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February was a strong month again for Calgary's real estate market.  Inventory levels are still lower than I'd personally like to see, the increase over January's listings is about 400 homes - and approximately 100 new listings over the same period in 2012.  Buyer's are acting quick for the homes they want, but not beng unreasonable.

 

For home sellers, this has meant sales very close to list price and shorter days on market - with the average DOM down to 38 days, down over 21% from the same time last year.  This does not necessarily mean it's a crazy market as we saw in 2006/07 - we are also seeing homes sit on the market if the seller's are priced too high.

Calgary Year to Date Real Estate Sales Feb 2013

Calgary Year to Date YTD Sales for February 2013

I have to caution, we still are not seeing the signs of a boom as we saw a few years ago so don't get all excited and think our market is going nuts.  It isn't.  It is strong - it is healthy.  Yes, inventory levels are low and we can certainly expect prices to creep up, but buyers are still not making hasty decisions without educating themselves.  Buyer's know what they want and are acting accordingly.

 

The portion of the market that I am paying close attention to is the condominium sector.  First time buyers.  The increase in condo sales we saw and are continuing to see will send more people into the townhome and single family detached sectors.  If this trend continues for the next quarter of 2013, I would expect the single family market to tighten up a little more and we will see the sales and prices increase slightly over this reporting period.

 

Market Snapshot: 

Market Snapshot

Single Family

Condo/Apartment

Condo/Townhouse

Monthly

Feb/12

Feb/13

%Chg

Feb/12

Feb/13

%Chg

Feb/12

Feb/13

%Chg

Total Sales

1281

1209

-5.62

246

279

13.41

205

223

8.78

New Listings

1999

1879

-6.00

509

451

-11.39

375

341

-9.07

Average Price

470,033

518,452

10.30

288,991

287,830

-0.40

310,047

336,406

8.50

Active Listings

3093

2408

-22.15

1031

704

-31.72

612

427

-30.23

Days on Market

48

37

-23.84

51

45

-11.76

51

38

-25.61

 

MLS HPI

January 2013

% of Changes

 

 

Benchmark $

HPI

Jan/13

Aug/12

Feb/12

Feb/10

Feb/08

Single Family

428,800

186

1.3

2.0

8.8

7.9

2.6

Condo/TH

281,500

177

-0.2

1.8

4.7

0.6

-9.6

Condo/Apt

252,000

176

1.0

1.7

5.9

1.7

-9.7

Is Calgary still affordable?  What are your thoughts when comparing our housing and income markets to the other major metro centers in Canada?  

 

Download the full statistical package here.

 

Are you curious to know what the value of your home is?  Get a rough estimate with an online evaluation - 24 hour turn around - usually less - gives you a rough idea of where your home will fit in today's market.

 

Thanks for reading!

 

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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