Calgary’s resale housing market fell just short of setting a new peak for MLS sales during the month of September as the city recorded its highest level of transactions since 2005.
Calgary Real Estate Board said Wednesday there were 2,148 MLS sales in September, up 11.93 per cent from a year ago. The all-time record in September was 2,197, which was established in 2005.
Ann-Marie Lurie, CREB’s chief economist, said sales were much stronger than expected in September due to healthy sales in the condo apartment and condo townhouse market.
“There has been a big increase in condo activity,” she said. “It is a move towards more activity in that more affordable range. That’s really what they’re offering. You see the trend with the single-family market as less and less are available under $400,000.
“The long-term potential for Calgary is very good. There’s a lot of positive factors that are influencing our market. We still have people moving here. We still have jobs. All of that is translating into improved demand.”
The overall median price in September was $425,000, a hike of 5.59 per cent from a year ago, while the average sale price rose by 7.3 per cent to $487,300.
New listings jumped by 16.72 per cent to 3,260 and active listings at the end of the month were up by 17.01 per cent to 4,589.
In September, Calgary recorded its 18th consecutive month of year-over-year gains in MLS sales and 32nd consecutive month of annual price hikes.
After two straight months of year-over-year sales declines, the single-family market rebounded in September with 1,398 sales, up 3.48 per cent from last year. The average sale price of $567,653 increased by 10.81 per cent and the median price jumped by 8.61 per cent to $488,750.
“It’s also important to keep in perspective that it (the previous two months) was still a strong level of sales eventhough they were lower than the previous year,” said Lurie. “It points to the fact that the market’s been improving and part of it is there’s more listings.
“The market now is much more balanced than it was in the spring. And the single-family market’s more balanced. So there’s more choice. There’s options. People have some time to make decisions.”
Sales in the condo apartment category rose by 33.33 per cent to 432. The median price of $294,750 was up by 7.77 per cent while the average sale price climbed by 9.21 per cent to $326,264.
The condo townhouse sector saw year-over-year sales increase by 30.33 per cent to 318 as the median price rose by 6.8 per cent to $330,000 and the average price increased by 4.21 per cent to $352,813.
In the towns surrounding Calgary market, sales were up by 24.67 per cent to 470. The median price saw a 3.54 per cent year-over-year hike to $380,000 and the average price was up 3.9 per cent to $393,518.
CREB also keeps track of a benchmark price which it says is the price for typical home sales in the market. The benchmark price and percentage change from a year ago for each housing category are: overall, $460,400, 10.25 per cent; single-family, $512,800, 10.59 per cent; condo apartment, $298,800, 9.49 per cent; condo townhouse, $330,200, 10.4 per cent; and surrounding towns, $377,800, 9.89 per cent.