October 1-7, 2012 Calgary Real Estate Update

What new mortgage rules? Calgary sales continue to buck the national trend as year-over-year increases carry over into October.

Real estate board figures trickling in across the country are showing that sales plunged in September.   Royal Lepage ‘s recent report stated that “a drop in the number of homes trading hands typically precedes a period of softening house prices.”

Meanwhile, Calgary single family (SFH) sales have posted year-over-year increases every month this year beginning in February.    How are things looking a week into October?

There were 266 SFH sold between October 1-7, only a slight +1.14% increase from the same period last year when 263 sold.   Still, it was good enough for the second best October start since 2007.

SFH sales, October 1-7

Could this slower yoy sales increase be signalling the start of softening sales? It’s far too early in the month for any sort of conjecture. Bear in mind that in August, sales were down -5.47% yoy two weeks into the month but by month-end,  posted a +6.18% increase.

Average prices are up nearly 10% from last year, but once again the main contributor is the strength in the luxury market.  Twelve SFH and 1 condo have already sold for $1M or more this month.

Related news article: Flaherty’s million dollar mortgage change hits only 0.1% of buyers

Luxury Sales (October 1-7)

So far this month, the highest sales price belongs to a St. Andrews Heights home that sold for $2,100,000.

The median sales price is $430,000 – an increase of 8% over 2011’s $398,000 MTD figure.

Total condominium sales are up over 36% with 112 units changing hands.   Condominium-Apt average prices are down -8.78% to $259,872 while Condominium-Townhome average prices are up over 11%.

Condo Sales (Oct 1-7)

New listings are still down across all market segments:  SFH -4.19%, Condo-Apt -9.5%,  Condo-Townhome -2.5%

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

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