CALGARY — Residential MLS sales in Calgary jumped in November compared with a year ago, according to the Calgary Real Estate Board.
The board said Thursday that single-family transactions reached 962 during the month, a hike of 8.09 per cent from November 2010 and the average sale price was $470,665, up by 3.31 per cent from a year ago.
Condo sales of 393 jumped by 26.77 per cent but the average sale price of $273,356 was down 3.97 per cent from last year.
“Despite any global economic cautions, consumers are actively seeking well-priced listings in the market, a reflection of their positive long-term outlook for the city,” said Sano Stante, president of CREB.
“Following two years of employment losses, the current growth in jobs is translating into improvements in the housing sector and a more optimistic consumer.”
He said stable pricing, historically low interest rates and a good selection of inventory is providing an opportunity for buyers in the market.
Carmen Davison, a realtor with RE/MAX Realty Professionals in Calgary, said buyers are currently benefiting in the market because of the level of listings.
She said sellers should price properties “reasonably” as properties are “not flying off the shelf and today’s buyer is very well informed.”
“The market is feeling a little slow as there is no pressure to buy as there is a lot of product to choose from and interest rates remain very low,” she said.
“Going forward, I think we will see marginal growth (in prices) in Calgary at the two per cent to five per cent range going into spring 2012 market based on a fairly healthy Calgary economy but somewhat unstable world economy.”
Davison said many construction projects in both the city and province will bring an influx of new workers Calgary “turning on the heat in the real estate market” in late 2012 and early 2013.
In the towns outside Calgary market, CREB said sales in November of 298 were up 36.7 per cent from November 2010 while the average sale price of $335,394 dropped by 1.3 per cent.
In the country residential market which includes acreages, CREB reported sales of 54, up 3.85 per cent from last year with the average price rising by 7.86 per cent to $762,285.
“Calgary continues to record impressive employment growth and long-term fundamentals remain strong,” said Stante. “The strength in our economy, combined with affordability levels that outperform most major centres, will continue to attract migrants to the city and spur further growth in our Calgary housing market.”
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