Boosted by decreasing home ownership costs and strong provincial economic growth that were accompanied by falling unemployment rate and improving consumers' confidence, Calgary real estate sales continue to rise in the third quarter of 2012, defying a national housing market trend.
Compared to last year, the 17,018 total residential sales after the first three quarters of the year revealed a 15% improvement in sales growth in Calgary, with "no indication that market is poised for a correction, " according to CREB's latest regional housing market report. Calgary saw a total of 1,617 properties changing hands in September 2012, up 11% from the 1,461sold units reported in the same month last year.
On a year-over year basis, Calgary single family home sales increased 9% in September 2012 despite the steady decline in new listings. Last month's 1,135 sales slightly raised the average sold price of the single family home to $468,446, compared to $466,338 in September 2011, while the $412,000 median sold price gained 3% more value over the $400,000 price of last year.
The story is not so different in the Calgary condominium market that witnessed an increase in sales activity, coupled with a decline in the number of new listings entering the market. By the end of the third quarter of 2012, the total condo/townhouse sales rose by 12% to reach 4,820 units, of which 487 were sold in September. That represents a modest increase over the 428 condos sold in September last year.
The average condo/townhouse sold price edged 2% higher to $305,000 last month, compared to $299,315 in September 2011. At the same time and keeping up with the price trend in Calgary, The median sold price increased to $270,000, adding 4% more value to the condo units in the city.
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