Higher priced homes selling faster as listings trend down
–According to figures released today by CREB® (Calgary Real Estate Board), City of Calgary year-to-date sales declined by 4 per cent compared to the first four months of 2010. The decline was offset by a 14 per cent drop in listings recorded over the same period, resulting in lower inventory levels, and a moderate growth in average prices.
In April 2011, single family home sales were 1,217, while 2,299 listings came to market, a decline of 10 per cent over April 2010 and 25 per cent, respectively. Inventory levels rose slightly over March 2011
levels, but remained well below inventories recorded in April 2010, and close to the long term average, indicating the market continues to show balanced conditions.
“While our spring market has been a little slow to get started, we are seeing our inventory levels return to healthy levels,” says Sano Stante, president of CREB®. “This trend, combined with an improving job market, will help warm up Calgary’s housing market in the coming months.”
Along with a decline in inventory, Stante points out that homes in the higher-end of the market are selling faster, with average days on market trending down, and below the 5-year average.
“We are seeing improvements in the sale of homes in the higher price points. Homes above $700,000 are selling within an average of 41 days. This is consistent with pre-recession levels,” says Stante.
To view the full report and current Calgary market stats, click here.
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