Calgary Real Estate Statistics for February 2013

Total sales for residential units this February was down 1% when compared to February 2012. There was, however, a leap-year occurring last February, which added an extra day to the month. Even taking this extra day into account, however, condominium sales were on the increase by 13% this February when compared to last year's February figures.

The level of supply declined for the month in the single-family housing market. According to Ann-Marie Lurie, the Chief Economist at the Calgary Real Estate Board, with the market tightening in the market for single-family homes, more people were looking at the condominiums available.

In downtown Calgary there were more homes available with a $400,000 price tag or under but during recent years they have become less of a market share. Consumers are looking for housing that's more affordable and are taking a look at the condominiums available as a solution.

With the decline in the supply levels, buyers are taking less time to make their purchase decisions and sellers are receiving offers that are closer to their homes? listing price. The President of CREB?, Becky Walters, has stated that price growth has been supported by this tighter market but that the prices for single-family houses remain less than $451,000, which is the unadjusted high benchmark price.

For February, this unadjusted benchmark price for a single-family home was $442,500, which was 9% higher than what was seen in February 2012 and 1.3% more than the January levels.

In February 2013 the benchmark price for condominium apartments was $252,900. This was a 6% increase over February of 2012. Townhomes saw a 4.7% increase when compared on a year-over-year basis with a price total of $283,200 last month. This leaves townhome and condominium apartment benchmark prices 14% below the records seen when they were at their peak levels.

Overall, consumers continue to feel confident about the long-term potential in Calgary and this is driving the growth in the city's housing sector.

Source: http://www.justinhavre.com/blog/calgary-real-estate-statistics-for-february-2013.html

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