As I was looking over May’s figures to date, I found a glimmer of hope that we’re about to start seeing the groundwork for a busier market. That hope slightly deflated as I remembered I was trying to find an improvement over a 2010 market that was already the slowest in a decade. But I’ll take the positives wherever I can find them, however small they may be 😉
A total of 610 Single Family Homes (SFH) traded hands in the first 2 weeks of May, almost a 16% improvement from April 1-14. However, taking seasonality out of the equation, sales were down 5.5% from the same time period last May.
Condos sales continue to lag, down over 4% from last month and year-over-year.
Going forward, it seems that SFH sales are poised to start marking year-over-year increases in the weeks ahead. Unfortunately, this is more because a of weaker 2010 market that began in the middle of last May rather than an improving market this year.
Condo sales: bleh.
My glimmer of hope for a year-over-year increase in sales for May:
Condo pending sales: bleh.
Inventory continues to grow at a snail’s pace this spring and remains far below last year’s level. There are currently 4648 active SFHs in Metro-Calgary compared to 5521 on May 14, 2010 (-15.8%)
Condo inventory is down even more: -20% from last May (2106 compared to 2643 on May 14, 2010)
Leaky Calgary Condos
“I think the scope of the issue is far worse than what industry and government are saying,” Michael Ball, associate and senior project manager for the buildings and facilities division of Morrison Hershfield Ltd. “I could point you to at least 200 condo suites around the city that are under restoration right now that are less than 10 years old.”
Read more in today’s Calgary Herald: Calgary Condo Owners Await Solutions to Long, Soggy, Saga.
Number of Calgary Real Estate Agents Decline
Despite forecasts of a busier market in the second half of the year, it seems some agents are packing it in. The latest count as of May 13, 2011 had 4,961 associates in CREB. Back in January there were 5,141. Last May there were 5,225. Summer of 2007 had 5,495. (These figures do not include brokers)