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City of Calgary Housing Market Soars in Sales, Pricing

Posted by Mark Sadiua on Monday, November 18th, 2013 at 12:27pm.

Calgary’s resale housing market continued upward in October with annual gains recorded in both sales and selling prices.

The Calgary Real Estate Board (CREB) said MLS sales for the month were up 18 per cent from a year ago, to 1,953 properties, while the average sale price rose five per cent to $458,876.

The October Calgary real estate market kept a consistent absorption rate between two to 2.2 months worth of inventory.

New listings increased nine per cent in October; however active listings were down 16 per cent. The average days on the market to sell a property dropped from 45 in October 2012 to 40 last month.

In Calgary, sales and prices were up across all housing categories during the month.

In the single-family home market, sales were up 14 per cent from last year with the average sale price increasing almost five per cent to $516,244 and the median price rising by five per cent to $452,000.

The condo apartment category saw sales rise by 24 per cent. The average sale price was up seven per cent to $309,415.

In the condo townhouse market, sales of 280 were up 28 per cent with the average price rising by 13.5 per cent to $365,037.

Towns surrounding Calgary saw sales jump by 22 per cent, with the average price increasing by 10.5 per cent to $380,350.

As expected the market has stayed strong and prices have continued to hold up due to three key factors:

Low interest rates

Canada’s appeal to immigrants

Low rental vacancy rates

In Calgary, the west side of the city ranks amongst the highest for growth. Since the start of the year, the west side has ruled the single-family resale housing market. While some of these sales are in the more established parts of Calgary, the western quadrants have some of the most exciting new communities which has piqued the interest of buyers in a variety of price ranges.

When choosing a new community, one of the most common draws is connectivity; as a result the fastest growing communities in Calgary afford residents quick exits to major arteries such as Stoney Trail and Beddington to Deerfoot.

 

Calgary Real Estate Statistics 

Calgary Single Home Statistics

Total Calgary Homes
2,705
Average Price of Calgary Homes
$516,224
Average Days on Market
38
Total Sales
1,336

Calgary Condo Statistics

Total Calgary Condos
692
Average Price of Calgary Condos
$309,415
Average Days on Market
37
Total Sales
337

Calgary Townhouse Statistics

Total Calgary Townhouse
444
Average Price of Calgary Townhouse
$365,037
Average Days on Market
44
Total Sales
280

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Re/Max, CREB Certified Condominium Specialist