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Calgary MLS sales fall in April

 By Mario Toneguzzi
The Calgary Herald - May 3, 2011


CALGARY — MLS sales for single-family homes and condos fell in April compared with a year ago, according to the Calgary Real Estate Board.

In releasing its monthly data on Monday, CREB said single-family transactions were down nearly 10 per cent from April 2010 to 1,217 sales. However the average sale price rose by almost 4.2 per cent to $479,575.

In the condo market, there were 535 sales in April, down almost 16.3 per cent from a year ago while the average sale price dropped by 0.15 per cent to $289,158.

“While our spring market has been a little slow to get started, we are seeing our inventory levels return to healthy levels,” said 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.”

New listings in the single-family home market were down 25 per cent in April compared with April 2010.

Along with a decline in inventory, Stante said homes in the higher-end of the market are selling faster, with average days on market trending down, and below the five-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,” said Stante.

In April, two single family homes were sold in the price range of $3 million to $4 million, skewing up the monthly average price, said the real estate board.

“Condominium listings declined 27 per cent in April, helping to offset a 16 per cent decrease in year-over-year sales. The decline in listings is significant and has helped place downward pressure on inventory levels. This will improve stability in condominiums and begin to move it towards a more balanced market,” said Stante.

He said positive investments in the energy sector and economy will begin to translate into improved job prospects and growth in Calgary. This will help contribute to stronger demand for housing and a stable real estate market.

Stante said there continues to be good affordability in the Calgary market with low interest rates and “good pricing’ but there is an anticipation that affordability will be eroded as operating costs rise.

Richard Cho, senior market analyst for Calgary for Canada Mortgage and Housing Corp., said the local resale market continues to gradually improve.

“The market was off to a slow start in the beginning of the year but we are looking forward to a busier second half,” he said. “Many of the underlying factors that support housing demand have been gradually improving, led by stronger activity in the energy sector.”

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Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
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