Calgary Herald

Resale market in city jumps for single-family homes

- JOSH SKAPIN

Nearly 100 more single-family homes were sold through Calgary’s resale market in November than the same month last year.

This jump in activity comes on the heels of two straight months of year-over-year declines, says the Calgary Real Estate Board. There were 875 sales last month, compared to 776 in November 2016.

Resale on homes of all kinds in Calgary last month improved 15 per cent from a year ago. Here are five facts about the resale market for single-family homes in the Calgary area last month.

SALES IN LOWER PRICES RAMP UP

The most substantia­l upswing last month came from homes priced between $300,00 and $400,000. This range had 228 transactio­ns last month, up from 161 a year earlier. Conversely, activity in the $550,000 to $650,000 bracket declined by three sales year over year, says CREB.

THE BUSY SOUTH

An area CREB defines as south Calgary paced all ends of the city in single-family resale last month with 178 homes changing hands. The next most active areas were southeast Calgary and north Calgary with 136 deals apiece.

NEW LISTINGS SLOW

Following six straight months where new listings outpaced the same time a year ago by triple-digit totals, growth cooled in November. There were 1,122 additions to the market last month, which was 60 more than the 1,062 new listings in November 2016. In fact, last month’s new listings tally was the lowest of any month in 2017.

Just as it led in sales, south Calgary also logged the most new listings in the city last month. Its 209 additions to the market topped the next most active area by 44 new listings.

A LONGER WAIT

The single- family homes sold through Calgary’s resale market last month spent an average of 48 days on the market. This is an increase from the 44-day average a month earlier, and 45 day average in November 2016.

PRICES RISING

November was the eighth straight month that the benchmark price on single-family homes in Calgary was higher than the same time in 2016. Benchmark prices are that of a typical home based on a formula that uses various factors to ensure accurate comparison­s.

The benchmark price in November was $504,000, rising from $498,900 a year ago. Last month’s figure declined from $506,200 a month earlier.

An area CREB calls west Calgary had the most pronounced price increase in the city last month. With a benchmark of $737,400, it was up 5.5 per cent year over year. West Calgary’s benchmark was also the highest of any end of the city.

 ??  ?? Resale of single-family homes in Calgary increased by about 100 transactio­ns last month compared to the same time in 2016.
Resale of single-family homes in Calgary increased by about 100 transactio­ns last month compared to the same time in 2016.

Newspapers in English

Newspapers from Canada