November 1-14, 2012 Calgary Real Estate Update

Sales of single family homes (SFH) have slipped slightly behind year ago levels.  In the first two weeks this month there were 435 sales, down -1.14% from the 440 recorded last year during the same period.

That’s still just above the average amount of sales we saw in the previous 5 years.

SFH Sales (click to enlarge image)

However, if we were to expand our scope 10 years back, sales this month (and the past several Novembers) have been historically quite low.

The longer term picture changes the perspective quite a bit, doesn’t it? Approaching the midway point of the month, we see that in the past decade only 2008 & 2010 have had slower November starts.

It’s also easy to see how the sales surge in 2005-2006 contributed to the almost panic-stricken increase in prices the following Spring months.  Current sales activity is not pointing to that same type of “frenzy”.

Current inventory for sale sits at 2,962 which is down nearly 20% from last November’s month-end amount (3674).     Reduced inventory is definitely having an impact on sales (clients are finding it difficult to find the right home) but consider that November 2009’s month-end inventory was only 2,607 but sales were 18% higher MTD.

Luxury homes continue to sell well in Calgary with 19 selling for a $1 million or more over these past two weeks compared to 15 last year.

The 3 highest priced homes sold so far this month have been:

  1. $2,630,000 in Elbow Park/Glencoe
  2. 2,550,000 in Lake Bonavista Estates
  3. 2,430,000 in Elbow Park/Glencoe

Condo Sales (click to enlarge image)

To view in depth Calgary housing statistics (including prices) 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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