October 1 – 7, 2011 Calgary Real Estate Market Update

Single family home sales have started the month off positively with 266 transactions in the first week.  This is significant because for the majority of this year we’ve been happy with just year-over-year growth (even though 2010 was atrocious)

The 266 sales ranks as the 5th best October start going back 10 years and the second best since 2006. Year-over-year, SFH sales were up 42%.

SFH sales (click to enlarge image)

However, pending figures are indicating that sales will back off further from 2009’s pace while still keeping above y/y levels.

SFH Pending Sales (click to enlarge image)

SFH Weekly Sales (click to enlarge image)

The 86 condo sales in the first seven days was a 36.6% increase over last year.  But besides the y/y comparison, it was well below the 10 year average.  Perhaps all the new pre-construction launches have taken a little steam out of the resale segment.

Condo sales (click to enlarge image)

Condo Pending Sales (click to enlarge image)

Condo Weekly Sales (click to enlarge image)

In ATB’s economic snapshot for Alberta, they had this to say:

Moving into the fourth quarter, housing market activity in both Calgary and Edmonton will slow due to seasonal factors, as it always does. But even with sales volumes ebbing, prices in Calgary and Edmonton appear likely to remain stable for the foreseeable future.

Alberta’s Job Rush Continues

The province’s unemployment rate dipped to 5.4 per cent in September – from 5.6 per cent in August – following a fifth straight month of job gains – bringing to almost 98,000 the number of new jobs created during the past year.

In the Calgary census metropolitan area, the unemployment rate dropped to 5.9% in September from 6% the previous month as 500 jobs were created. Since last year, 20,400 jobs have been created in the Calgary CMA, an increase of 2.9%  in employment.

Nationally, Canada created six times as many jobs as analysts expected in September, once again outshining the United States.

Read the entire article in the Calgary Herald:  ‘Stunning’ Job Rush Continues in Alberta

One response to “October 1 – 7, 2011 Calgary Real Estate Market Update

  1. Airdrie Real Estate

    Airdrie finds itself deep in a buyer’s market with an Inventory Absorption Rate (IAR) of 6.8 months.

    Broken out, SFHs have an IAR of about 6 months while there is over a year’s supply of resale condos on the market. Only 4 units on MLS sold in all of September.

    You can see more Airdrie stats here with official statistics here

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