September 1-7, 2012 Calgary Real Estate Update

September finds buyers having -21% fewer single family homes to choose from but competing with more home seekers than last year.    Sales for the first week of the month totaled 217 which was an increase of +6.9% year-over-year.

The best September start going back 10 years was in 2005 when over 300 sold in the first week.  The month end total in September 2005 was 1,559 which easily surpasses all year-over-year comparisons prior to & since then.

At the end of August there were -16.8% fewer condos for sale than a year ago.  In the first 7 days this month, sales were up +22% to 92.

Sales: September 1-7, year-over-year comparison (click to enlarge image)

It’s still early in the month, but luxury sales are off sharply from last September with only 3 single family homes and 1 condo selling for a million or more compared to 11 & 2 respectively.

Luxury Sales: September 1-7, year-over-year comparison (click to enlarge image)

With a small sample size and 8 fewer $1m+ homes selling, it’s not surprising that the SFH average price is being clobbered y/y:  from $474,385 to $443,841 (-6.44%)   We’ll have a better picture of prices as we get further into the month.

For more statistics including average and median prices, 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

3 responses to “September 1-7, 2012 Calgary Real Estate Update

  1. I give up on this market LOL , looks like we are on a roll again on the upswing . Don’t know where all the money is coming from but hey nice to see its flowing into Calgary. Good times are here still

  2. From RBC’s Economic and Financial Outlook
    September 2012

    Our view is that the Canadian housing market is not headed for a sharp correction because supply and demand conditions are balanced, and only modest increases in interest rates are on the near-term horizon. This is not to say that housing will continue to go up, but rather, it points to sales posting a mild 2.7% gain this year and a 2.3% dip in 2013. Similarly, prices are expected to rise by 3.6% in 2012 and hold steady in 2013.

  3. Pingback: Year-Over-Year Comparisons | Calgary Real Estate Review

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