Sales fall in residential real estate markets outside Calgary

CALGARY — Residential MLS sales in areas outside of Calgary fell in March compared with a year ago.

According to the latest Calgary Real Estate Board statistics, sales for the towns outside the city market fell by 22.93 per cent from 423 in March 2010 to 326 last month. Also, the average MLS sale price fell by 1.81 per cent to $354,262 from $360,805 a year ago.

In the country residential (acreage) market, sales dropped by 7.58 per cent to 61 in March from 66 in March 2010. The average sale price declined by 12.30 per cent to $850,930 from $970,295 a year ago.

And in the rural land market, there were only 13 sales in March compared to 23 in March 2010, a 43.48 per cent drop.

The average sale price, though, rose by 1.94 per cent to $462,712 from $453,926 last year.

The residential real estate market outside the city mirrored the trend in Calgary.

Single-family home sales dropped by 2.94 per cent in March compared with a year ago falling to 1,355 sales while the average sale price was down 1.77 per cent to $462,947.

Calgary’s condo market saw year-over-year sales drop by 4.6 per cent to 581 transactions while the average sale price also dropped by 5.35 per cent to $280,781.

When combining the entire MLS market in Calgary and area, total sales of 2,347 were down 7.42 per cent from a year ago, but Todd Hirsch, senior economist at ATB Financial in Calgary, said it was the highest monthly total in nearly a year. Plus sales in both the Calgary single-family home market and the city’s condo market were up in March from February levels.

“However, spring is typically a strong period for sales. So while the recent spike in sales is not surprising, it does suggest the market is in good shape,” said Hirsch.

“Rising inventory of homes for sale suggests the market remains in the buyers’ favour.”

© Copyright (c) The Calgary Herald

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