Calgary housing market remained balanced as November sales reached 1,457 total sold units, 8% higher than the same month last year, according to the CREB'S latest market report! Between January and the end of November, total housing sales rose by 15% with 20,126 residential sold units, that was accompanied by 6% decline in new listings. With the supply still not catching up with the the demand for housing in Calgary, buyers are becoming more inclined to act quickly and buy if they see a value in a property listed on the market, as Bob Jablonski, CREB® President says; especially that "the market is not demonstrating the same frenzy that we saw during the overheated period." The average year-to-date 5% moderate growth in benchmark price has stabilized the market and kept the supply "within the lower range of the balanced territory," according to CREB.
The Single Family Home sales of 1,006 were 5% up from the 954 sold units in November 2011. On a year-to-date basis, 14,367 homes were sold in Calgary, 16% up from the 12,403 properties sold between January and November last year.
A typical seasonal decline in inventory and sales in November 2012 that was coupled with unchanged bench mark price of $433,600 has managed to keep the single family home market balanced in Calgary. However, compared to November 2011, the benchmark price saw an 8.5% increase.
Calgary Townhouse condominium sales increase of 17% reached 198 in November 2012, with 4% more gains in both average sold and benchmark prices that reached $315,381 and $282,800 respectively, relative to $304,114 and 271,600 in November 2011!
On a year-to-date basis, total Townhouse condominium sales were 2,478, 17% up from the 2,112 sold units recorded between January and the end of November 2011. The average sold price for the same period this year was $317,335, compared to $310,175 in 2011.
The apartment condo market saw "some price gains following the declines recorded throughout much of 2011, " with CREB reporting a 4% average sold price growth in the 11 first months of the year. The 3,283 units that changed hands during the same period were 11% higher than last year.
In November 2012, there were 253 apartment sales, up 5% from the 241 units sold the same month last year.
On a year-over-year basis, the average apartments sold price increased by 22%, from $255,267 in November 2011 to $310,496 this year, while the benchmark price was only 4% higher to $248,000.
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