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Jane Kinsella
The Real Estate Company Ltd.
11, 5080 12A St. SE, Calgary, Alberta
P: 403-874-6143
F: 403-476-5467

Monday, December 2, 2013 - Real Estate

Calgary house prices continue to climb in November

 Low inventory and increased sales push prices upward

CALGARY - A low inventory of active listings combined with increased sales has once again pushed Calgary home prices higher.

Unofficial preliminary data from the Calgary Real Estate Board indicates MLS sales in November rose by 18.74 per cent year-over-year to 1,730 transactions with the average sale price increasing by 5.56 per cent to $458,052 and the median price climbing by 8.50 per cent to $406,875.

Although new listings rose by 11.70 per cent to 1,823, active listings at the end of the month of 3,155 were down 17.58 per cent from a year ago. And days on the market to sell a home fell by 22 per cent to 39.

“Throughout the fall we have seen the market stay consistently strong as it has for the rest of 2013, with quick sales turnover and a low inventory of homes actively on the market. Coming into the winter months and even into the new year it doesn’t look like the market’s going to slow down backed by Calgary’s striving economy,” said Megan McCormick, realtor with Century 21 Bamber Realty Ltd.

“Prices and sales have continued to quickly rise with a large majority of new homeowners joining the marketplace, many leaving the tight rental market sooner than anticipated. A booming economy, record high employment rates, and homeowners being displaced by the flood are also pushing this high demand of Calgary homebuyers.”

According to Mike Fotiou, associate broker with First Place Realty, November set another record for luxury home sales as 50 properties sold in the $1-million plus price range, breaking the monthly record of 48 set last year. It’s the 10th straight month of a new monthly peak.

Fotiou said there have been 689 luxury home sales this year until the end of November, up 36.4 per cent from the 505 recorded for the same period in 2012. The previous annual record was 544 set last year.

In November, CREB’s stats show single-family home sales were up 18.99 per cent to 1,197 with the median price rising by 8.33 per cent to $455,000 and the average sale price increasing by 5.76 per cent to $516,446.

The condo apartment category saw sales of 305 during the month, up 20.55 per cent from last year. The median price rose by 3.85 per cent to $270,000 but the average sale price dropped by 1.1 per cent to $307,078.

In the condo townhouse category, sales increased 15.15 per cent from last year to 228. The median price was up 7.15 per cent to $310,150 and the average sale price rose by 12.07 per cent to $353,444.

Sales in the towns outside of Calgary rose by 20 per cent to 324 with the median price up by 8.64 per cent to $368,250 and the average sale price up by 19 per cent to $403,495.

posted in News at Mon, 02 Dec 2013 18:30:24 +0000

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