Despite a recent rise in the number of new listings, resale housing in the city remains a sellers’ market, says the Calgary Real Estate Board.
“Price growth and tighter market conditions have encouraged some of the recent rise in new listings,” says chief economist Ann-Marie Lurie of CREB in a news release.
“This is a trend worth noting as the rise is easing some of the tightness in the market. Despite some movement, sellers’ market conditions persist.”
New resale listings of all kinds of housing in Calgary totalled 2,522 units in October, up nine per cent from 2,312 during the same month last year.
New listings have been down in other months this year, meaning the number of new listings so far this year is on par with the same time last year.
From Jan. 1 to the end of October, there were 29,358 new listings compared with 29,333 during the same period last year.
In October, there were 1,953 total sales of resale housing of all kinds, up 17.7 per cent from 1,659 sales last year.
Homes also sold faster, spending on average 40 days on market in October compared with 46 days during the same month in 2012. The average sale price for homes of all kinds rose last month to $458,876, up five per cent compared with $437,030 a year earlier.
There were 1,739 new listings of single-family resale homes in Calgary in October, up 7.6 per cent from 1,615 during the same month last year.
Meanwhile, the pace of sales continued to pick up, selling in an average of 38 days last month compared to 43 days in October 2012.
The average price of single-family homes increased 4.7 per cent to $516,244 in October, up from $492,772 last year.
Sellers are commanding an extra half per cent this month on the final sale price compared to the same time last month, earning 97.78 per cent of the list price.
NORTHWEST FLEXES MUSCLES
Of the 1,336 sales of MLS-listed single-family homes in the city, the northwest quadrant of Calgary was the most popular with homebuyers in October, says the Calgary Real Estate Board
The board’s Zone A, roughly the city’s northwest, saw 463 resale houses trade hands at an average sale price of $530,892.
There were 357 sales in October in the board’s
Zone C, roughly the city’s southwest, at an average price of $654,889.
Meanwhile, the board’s Zone D — roughly southeast Calgary — logged 266 transactions of single-family homes at an average price of $479,149. In the board’s Zone B, roughly the city’s northeast, 250 homes changed hands at an average price of $330,599.