– According to figures released today by CREB® (Calgary Real Estate Board), Calgary residential sales in 2011 increased eight per cent over last year, with 18,568 sales for 2011 compared to
17,267 in 2010.
2011 single family sales totaled 13,186, a nine per cent increase over last year. While sales increased, listings remained low, with an annual total of 24,245, six per cent lower than 2010 levels. The decline in listings relative to sales pushed down inventory levels to 2,761, resulting in four months of supply.
Meanwhile, the condominium market recorded declining sales for nearly half of the year, but favorable pricing and improved economic conditions pushed sales up by double digit rates for the second half of
Stante says. “For the first time in several years, consumers had additional selection of single family homes at a lower price range, which directly competed with the condominium market.”
“Throughout 2011, elevated levels of inventories have limited price growth as consumers benefitted from sufficient supply of housing to choose from; however, as these inventories drop to levels more
consistent with a balanced market, we can expect some moderate price growth moving forward,” Stante concludes.