Calgary is Moving Towards a Balanced Market!
Total residential sales in Calgary for June 2012 reached 2211, an 8.5% decrease from last month but a 12% increase over June last year . New mortgage rules "may dampen some of the gains in the resale market,” says Ann-Marie Lurie, CREB®’s chief economist, but a careful look at the long term trends will reveal a movement towards stability backed by the latest results of the economic performance indicators placing Alberta at the top of the list when it comes to the employment growth (3.6% growth year over year, as of April 2012) as well as population increase (Calgary gained 19,658 additional residents who have moved to the city between January and April 2012).
Single family home market in Calgary is still showing some lack in supply with 2372 new listings added in June 2012 compared to 2,706 in May this year, pushing the buyers to make their decisions quickly when purchasing a home in the city! Both surrounding towns and condo markets have adequate supply levels to offset the SFH shortage in Calgary. Monthly sales reached 1,617 units in June, a slight decline from May this year, but a 16% increase over June last year.
Calgary Single Family Home average price for the month of June was $488,958. While the recent few months showed a strong price increases due to months of decline in supply, it is anticipated that this will ease in the following months as the market moves towards balance, according to CREB's Housing Market Statistics report.
Calgary Condo/Townhouse market is balanced and keeping with the long term trends with more than three months of supply. Sales activity reached 594 in June, a slim increase over June last year. However, the increase in the Condo/Townhouse sales in the first half of 2012, ( Total sales were 3240, a 9% increase over same period last year) coupled with the decline in listings helped to absorb the extra supply of the multi family units in the market!
Calgary Condo/Townhouse average price was $311,465, a 5% increase over June last year. It is worthy to note though that the Condo/Townhouse median price is consistent , with $264,10 in June this year compared to $262,10 June last year and 263,86 in May 2012.
When you're ready to buy or sell a home in Calgary, we are your real estate agents of choice. Be sure to use our quick and easy search feature. We're the experts, and we're here to help you! For more information on how we can help you achieve your real estate goals please contact Calgary Home Team via email or directly @ 403-519-9102.