Calgary Listings Down, Sales Up, Prices Up
February 6, 2010 by Fred Ferguson · Leave a Comment
2009 was not a favourite year for me. It’s taken a lot of my time to clean up some things that I had planned to have done by New Years but weren’t. While I wasn’t paying attention to Calgary’s Real Estate market, there were some changes that I wasn’t expecting.
Throughout the year I religiously analyze Calgary’s Real Estate monthly market data to watch for trends. I use this information to get a head’s up on what will probably happen next. It’s typically slow in the first four to six weeks after the New Year so I take a break from this ritual for that time period.
While I wasn’t looking… some interesting things have been happening.
The amount of Single Family Home Listings is down by 37.8% over this time last year. Sales are up 38.55% and the average sale price is up 6.82% or $28,000. Condo Listings are down by 27.35%; Sales are up 67.11%, and Selling Prices moved up 4.32% or $11,700.
Last January, 29% of the sales that occurred were Condos, with 71% being Single Family Homes. January 2010 had Condos accounting for 33% of the Sales while Single Family Homes slipped to 67%.
I believe affordability is what has driven this. If the prices continue to move upward this year, more folks who otherwise planned on buying a single family home will have no choice but to buy a condo instead. After all, the almost 7% increase in prices was larger than a down payment for lots of people.
To view the complete Calgary Real Estate Board’s Statistics go to: http://www.fredferguson.com/CREB_Statistics/page_2332647.html and for Real Estate questions go to: http://www.fredferguson.com/BUYERS/page_2178156.html
