CALGARY — Calgary residential MLS sales in 2011 increased by eight per cent over the previous year, says the Calgary Real Estate Board.
In releasing its December data on Tuesday, CREB said total sales reached 18,568 for 2011 compared with 17,267 in 2010.
“Recovering from tepid sales activity in the first half of 2011, early improvements in employment and migration resulted in a pickup in housing demand in the second half of the year,” said the board in a news release. “By the end of June 2011, year-to-date sales activity had only increased by two per cent compared to the second half of the year, where residential sales improved by 15 per cent.”
Sano Stante, president of CREB, said sales activity remained 17 per cent below the long-run average but monthly figures point toward the trend of this gap narrowing.
In the single-family home market, there were 13,186 sales in 2011, a nine per cent increase over the previous year.
Meanwhile, the condominium market recorded declining sales for nearly half of the year, but favourable pricing and improved economic conditions pushed sales up by double-digit rates for the second half of the year, said CREB.
Condo sales totalled 5,382 in 2011, a four per cent increase over the previous year.
“The demand recovery in the condominium market lagged the single-family market, as price adjustments in both the single-family and condominium markets resulted in more selection for consumers,” said Stante. “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.”
The single-family average price in 2011 reached $466,402, a one per cent increase over the previous year. The average price for condos of $287,172 remained one per cent lower than the previous year.
“Throughout 2011, elevated levels of inventories have limited price growth as consumers benefited 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,” said Stante.
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