Resale demand strengthens in 2012
SALES RISE 15 PER CENT
Following slower sales activity since the economic downturn in 2007, last year marked a rebound for the resale single-family housing market, says the Calgary Real Estate Board.
Sales of single-family homes in the city were 15 per cent higher in 2012 than in 2011, rising to 15,109 transactions compared to 13,120, says the board.
At the same time, new listings totals tumbled by seven per cent, going from 24,055 in 2011 to 22,396 last year.
“Calgary’s housing market has finally started to recover,” says chief economist Ann-Marie Lurie of CREB in a news release. “While prices remain shy of the highs recorded in 2007, this is a move in the right direction.”
The average sale price of singlefamily homes saw a slight bump in 2012. It reached $491,236, which is three per cent pricier than the average of $466,506 in 2011.
“Consumers in the market were looking for value and, if a home was priced right based on a longer term view of their housing needs, they were buying,” says CREB president Bob Jablonski.
The biggest year-over-year increase in sales activity last year came in May, when totals soared 30 per cent to 1,710 deals, up from 1,308 in 2011.
However, the year ended on a quieter note when December brought 745 resale deals in the single-family home market, up four per cent from 717 deals a year earlier.
The average price of single-family homes went up nine per cent, reaching $496,636 last month compared to $454,992 from the same time in 2011.
The highest sales in the city last month came in the board’s Zone A — which roughly consists of northwest Calgary — with 259 single-family homes changing hands. Homes in Zone A were sold for an average price of $491,067.
The second busiest area of the city last month was in the board’s Zone C, which roughly covers the city’s southwest. This area saw 209 sales for an average price of $660,993, which was the most expensive in Calgary.
The board’s Zone D, which roughly consists of southeast Calgary, had 146 sales last month. This area is home to Cranston, which led all communities in sales last month at 25.
Homes in Zone D changed hands for an average price of $442,284.
The area to see the fewest sales in Calgary last month was the board’s Zone B, which mainly covers northeast Calgary. It had 131 sales for an average price of $306,000.