Calgary?s residential sales continued to rise in March 2012 reaching 2,167 units. The increase of 12.6 percent over last March 2011 is resulting in a more balanced market. Add to that, the continued lack of inventory and we are starting to see competing?offers in many areas of the city. To complete the perfect storm, low Mortgage Rates continue to be offered, with some banks enticing buyers with a 2.99%, 5 year fixed. Here?s a snapshot of what happened in March 2012.
?Overall Market:
- After the first quarter of 2012, sales are up by 7.3 per cent over the same time last year
- Monthly new listings remain slightly lower than last year, whereas year-to-date figures show 7.2 per cent fewer listings have come onto the market in the first quarter of this year
- The year-over-year decline in new listings, combined with improving sales, has pushed down inventory levels to 5,092 units from 5,866 last year, as well as months of supply.
Single Family Homes:
- Continuing to record strong activity, with sales increasing by 10.3 per cent at the end of the first quarter.
- Quarter totals for listings of single-family homes remain 8.3 per cent lower, resulting in a tightening of supply.
- The benchmark price reached $433,500, while the MLS? Home Price Index points towards a price growth of 3.6 per cent compared to last year.
Apartment Condominiums:
- Continuing to exhibit lower sales, with 782 sales recorded in the first quarter of 2012, a decline of 2.1 per cent compared to last year.
- March sales activity did post a 7.2 per cent gain over last year and is closer in line with typical March sales in this sector.
- New listings recorded a year-over-year improvement of 9.1 per cent for the month of March, but still remain 2.3 per cent lower than last year at the end of the first quarter. Overall market conditions continue to favour the buyer.
- The condominium apartment and townhouse benchmark price for the month of March was $247,800 and $293,600, representing a 1.39% and 4.34% increase over the same time last year.
The single family market continues to lead the housing growth in both sales activity and pricing, while the condominium market appears to be gaining momentum. Overall, the Calgary Real Estate market continues to move in the right direction, with all indicators pointing towards stable growth and a move towards typical levels of activity.
If you would like the full statistics package or more detailed community statistics, please let us know.
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