August 2012 Calgary Real Estate Statistics

To download CREB’s August 2012 Housing Report: click here 

A few days ago a friend asked me how the real estate market was looking in Calgary.  “It’s looking quite well,” I replied.  His raised eyebrow caused me to laugh.  “No, it actually is,” I said, reassuring him it wasn’t just a knee-jerk agent-esque response.

As was outlined in an earlier post, while we are not in a boom scenario, there has been price recovery in the market.  Homes are selling quicker and lower inventory combined with an improved SP/LP ratio indicate people are selling their homes closer to their list price.   Fortunately I’m not seeing the irrational exuberance we saw in 2006-2007. If a home is priced above what buyers are willing to pay it will sit on the market until the sellers adjust their expectations.  Five years onward and the majority of homes I see are still selling below their peak level but the single family market segment has definitely recovered to a greater extent.

Let’s take a look at how the market did in the month of August and see if you agree that it performed quite well.  Where the market will be a year or two down the road is a different topic altogether 😉

Single Family Homes
Year-over-Year Comparison, August 2011 in brackets

  • Sales were up 6.18% to 1,169 (1,101)
  • Average price increased 4.55% to $475,272 ($454,594)
  • Median price was up 4.2%  to $420,000  ($403,000)
  • Active listings were down -21.29% to 3,535 (4,491)
  • New listings were down -13.56% to 1,811 (2,095)
  • Days on market: 42 (48)
  • Inventory Absorption Rate: 3.0

Year-over-year sales growth decelerated from the previous 6 months:
February +11%, March: +17%,  April: +30%,  May: +30%,  June: +16%, July: +21%

Average prices have fallen -5% since May.  However the high average price that month can be attributed to the record number of homes sold for over $1million.

Condominium – Apartments

  • Sales were up 10.92% to 315 (284)
  • Average price was up 7.22% to $281,941 ($262,951)
  • Median price increased 8.5% to $255,000  ($235,000)
  • Active Listings were down -12.42% to 1,065 (1,216)
  • New listings were down -9.38% to 464 (512)
  • Days on market: 51 (55)
  • Inventory Absorption Rate: 3.4

Without the $2.59M sale at The River, the average price would have been $274,590 with the median at $254,500.

Condominiums – Townhomes

  • Sales were up 30.98% to 241 (184)
  • Average price was down -3.45% to $309,208 ($320,269)
  • Median price increased 0.8% to $285,000  ($282,750)
  • Active Listings were down -23.76% to 584 (766)
  • New listings were down -12.18% to 310 (353)
  • Days on market: 49 (51)
  • Inventory Absorption Rate: 2.4

For more statistics please visit my website at:

FindCalgary

Questions? Ready to buy or sell real estate? I can be contacted at mike@findcalgary.com or 403-554-2284

One response to “August 2012 Calgary Real Estate Statistics

  1. Good morning everyone, I hope you had a great long weekend. Here’s some interesting news:

    Student renters face hot market in Calgary. Average cost of apartment rises 11 per cent
    Read article in the Calgary Herald

    Corrupt Chinese officials arriving in Canada were also the cause of surging property prices. Canada had become a “paradise” for corrupt officials due to flaws in its immigration procedures and its judiciary inefficiency.
    Read article in Shanghai Daily

    Money, jobs send well-educated B.C. young people racing to Alberta’s prosperity
    Read article in Vancouver Sun
    (The article itself is completely anecdotal but the migration figures support it)

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