Calgary Real Estate activity levels show substantial increase.
Whenever I look at the housing market I always look at some key numbers – Inventory, Sales and the median Price . Looking at these 3 areas in my opinion give us a great snapshot of the market. Below you will find this information along with a few comments. Information below is taken directly from the Calgary Real Estate Boards Stats Package for realtors.
Calgary Listing Inventory: As shown below our inventory in Calgary Metro increased by 547 listing this month. As suggested before this number will very likely continue to increase as it does every spring.
| Inventory | Jan 2011 | Feb 2011 | Change |
| Single Family Home | 3073 | 3504 | 431 |
| Condo’s | 1634 | 1750 | 116 |
| Total | 4707 | 5254 | 547 |
Calgary Sales:
Wow, Need I say anything more – the numbers below speak for themselves. In certain communities we are even starting to see the odd competing offer.
| Sales | Jan 2011 | Feb 2011 | Change |
| Single Family Home | 791 | 1169 | 378 or 47.7% |
| Condo’s | 302 | 468 | 166 or 54.9% |
| Total | 1093 | 1637 | 544 or 49.8% |
Calgary Real Estate Sales Prices : For this summary, I only focus only on the Median Sales Price as the average can be skewed by How long could treatment at a 7 Day Detox Rehab Program take? Treatment at a detox rehab program can take as little as one week for an alcohol dependence, and two weeks for a drug dependence. Realtors selling more of less million dollar homes and shows a better reflection of the market. Prices for both Single Family homes and Condos showed increases this last month. Truly a reflection of supply and demand – our supply (inventory) is still fairly low while demand (sales) increased substantially.
| Sales Prices | Jan Median Price | Feb Median Price | Change |
| Single Family Homes | $390,000 | $400,000 | $10,000 |
| Condo’s | $255,000 | $267,000 | $12,000 |
**It is important to note that some of this demand may be due to mortgage rules changing as of March 17th where people can now only amortize a mortgage over 30 years instead of 35 years.
In other news: The Bank of Canada announced today that it will not be changing it’s overnight rate. Therefore the Prime lending rate remains at 3.0%
If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us anytime.
Century 21, The Professionals
Tags: Bank of Canada, Business/Finance, Calgary, calgary real estate, Calgary Real Estate Board Statistics Feb 2011, Century 21, Economics, Supply and demand