CALGARY — MLS sales and average prices in Calgary rose in February compared with a year ago, according to the Calgary Real Estate Board.
CREB data indicates total sales in the city of 1,737 during the month was up 7.02 per cent from February 2011. The average sale price also jumped by 2.93 per cent to $425,080.
Later today, CREB will release its home price index which it says measures how typical properties are valued in the market rather than relying on average and median prices.
“Activity in the housing market in Calgary has been encouraging and we are expecting to see continued improvement in the months ahead,” said Richard Cho, senior market analyst in Calgary for Canada Mortgage and Housing Corp.
“Conditions had favoured the buyer in the last couple of years but we are seeing signs that the market is transitioning closer towards more balanced levels. Growth in employment and migration, supported by activity in the energy sector will help sustain demand for new and resale homes.”
In February, there were 1,284 single-family transactions for an average sale price of $469,725. Sales were up 10.88 per cent from a year ago while the average price was up 1.64 per cent.
Single-family home sales were the highest February total since 2007.
In the condo apartment category in February, sales declined by 11.74 per cent to 248 while the average sale price rose by 3.66 per cent to $289,023.
In the condo townhouse category in February, sales rose by 11.41 per cent to 205 while the average sale price was up 0.51 per cent to $310,047.
CREB said its new housing price index is calculated using a statistical model that estimates prices based on several factors, including square footage, lot size, numbers of bathrooms and features such as fireplaces or a finished basement. The index will divide the information into different categories that include single-family homes, which are split into one-storey and two-storey homes, townhouse or row units and apartments.
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