October 1-21, 2012 Calgary Real Estate Update

“Calgary looks VERY solid from a short-term supply/demand perspective. Definitely the best looking major metro.”

The above quote was from “housing bear” analyst Ben Rabidoux in a recent comment on his Economic Analyst blog.

Just how solid is the Calgary market at the moment?  Let’s do a quick recap of October 1-21 activity.

Single Family Home Sales (SFH)

There were 783 SFH sales which is an +8.45% increase from last year.  Average prices have risen $28,839 or +6.24% to $490,996.  The median has increased $32,000 or +8%, from $400,000 to $432,000.

SFH Sales Oct 1-21 (click to enlarge image)

Condominiums

The condo segment is having a very solid showing with sales up 32% month-to-date.  Prices are also tracking higher: average price is up +8% from $276,730 to $299,781, while the median price is up +5% from $256,000 to $269,000.

Condo sales Oct 1-21 (click to enlarge image)

The luxury home market was covered in a post a few days ago, click here to read how it’s defying the mortgage rule clampdown.

I’d be remiss if I don’t end this post with the remainder of Ben Rabidoux’s assessment of the Calgary real estate market. He continues:

“From a longer-term perspective, there is still some dead air between current prices and underlying fundamentals that I suspect will constrain price growth going forward. I’m far less concerned about Calgary at the moment, but don’t fool yourself into believing that the economy out there isn’t still tethered to a notorious boom/bust commodities cycle.”

To view in depth Calgary housing statistics and to browse homes listed for sale, 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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