February 2013 Calgary Real Estate Market Report

Download CREB’s February 2013 Housing Report: (click here

Single Family Homes
Year-over-Year Comparison, February 2012 in brackets

Sales were down year-over-year for the first time since January 2012. Even with an extra week day to match last February’s 29 days, sales would have been flat at best.

Average prices set an all-time high $518,452, surpassing the previous record of  $506,671 set in July 2007.  Without the $10.35M Aspen Woods sale the month-end average price would have been $510,313 – still a new peak.

However, the benchmark price which is a more accurate representation since it isn’t skewed by outliers shows that February 2013 was still below the peak.   February’s benchmark was $442,500 while July 2007 was $451,300.  Close, but not quite there yet.

  • Sales were down -5.62% to 1209  (1281)
  • Average price increased 10.3% to $518,452 ($470,033)
  • Median price was up 5.5% to $437,500  ($414,800)
  • Active listings were down -22.15% to 2,408 (3,093)
  • New listings were were down -6% to 1,879 (1,999)
  • Days on market: 37  (48)
  • Inventory Absorption Rate: 2 (2.4)

Condominium – Apartments

Condo-apartments performed opposite to the single family segment with average prices actually falling from year ago levels but sales increased 13.4%.

CREB notes:  “The unadjusted condominium apartment and townhome benchmark prices still remain 14 per cent below the peak levels.”

  • Sales were up 13.41% to 279 (246)
  • Average price decreased  -0.40% to $287,830 ($288,991)
  • Median price edged up 0.3% to  $258,000 ($257,250)
  • Active Listings were down -31.72% to 704 (1,031)
  • New listings were down -11.39% to 451 (509)
  • Days on market: 45 (51)
  • Inventory Absorption Rate: 2.5  (4.2)

Condominiums – Townhomes

  • Sales increased 8.78% to 223 (205)
  • Average price was up 8.5% to $336,406 ($310,047)
  • Median price jumped 7% to $305,000 ($285,000)
  • Active Listings were down -30.23% to 427 (612)
  • New listings were down -9.07% to 341 (375)
  • Days on market: 38  (51)
  • Inventory Absorption Rate: 1.9 (3)

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 “February 2013 Calgary Real Estate Market Report

  1. I can’t help but grimace slightly when others parrot recent bank reports claiming that Calgary is affordable. Perhaps in comparison to some other Canadian cities…

    Is it a surprise that Calgary single family homes – which once again are close to reaching peak prices – saw negative sales growth while condos, still 14% below peak prices, saw a modest uptick in sales?

    CREB acknowledges the affordability issue in this month’s release:

    With less selection in the single family market, particularly at the lower price ranges, more consumers are turning to the condominium market,” said Ann-Marie Lurie, CREB® Chief Economist. “Throughout the downturn there were more single family homes priced under $400,000. However, over the past few years the number of new single family listings in this range represents a declining share of the market, leaving consumers looking for more affordable products.”

    Did you know? The new buyer of the $10.35M home is in the Oil & Gas industry. Wage earners in that profession make the highest in Alberta, helping boost average weekly earning statistics upwards.

    Related blog posts:

    Calgary’s Growing Affordability Gap
    Calgary Home Sales Show Diverging Price Trends

    Calgary Herald article on February’s statistics: read article

    And here are two recent posts on bank reports saying that Calgary is affordable:

    RBC: Calgary – Affordability Supports Market Renaissance
    BMO: No Housing Affordability Problem In Calgary

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