Calgary Real Estate: October 2011 Market Review
- SF Calgary MLS® sales for the month of October 2011 showed an 11.5% increase over October 2010.
- Average sale price for Calgary homes was $455,247, a 2.3% increase over Oct 2010.
- Median sale price for Calgary homes was $395,000, a 1.5% increase over Oct 2010.
- Average days on market (DOM) for SF Calgary home sales in October was 52 days
- Calgary MLS® condo sales also were much stronger, with 20.2% more condo units selling last month vs October 2010.
- Average sale price for Calgary condos was $282,743, a 1.8% decrease over from Oct 2010
- Median sale price for Calgary condos rose 2.0% from the October 2010 level
- Average days on market (DOM) for Calgary condos was 57 days
Calgary Real Estate Prices: October 2011
Calgary Real Estate Market Outlook
The Calgary real estate market has shown tremendous resilience over the past 3 years while the world economy has floundered. Even now, with the ongoing Greek (Euro) debt crisis and sputtering US economy, Calgary homes prices have recovered most of the value lost since September 2008. Oil is currently trading @ over $90 a barrel despite the slowdown in the world economy. As the difficulties associated with the economic crisis are resolved, Calgary property appreciation will outpace the national numbers.
Calgary real estate sales volume for last month (units sold) was higher than October 2010, with SF average sale price increasing 2.3% and median SF price rising by 1.5%. While Calgary condo sales were also significantly higher (20.2%) compared to Oct 2010, average condo sale price dropped by nearly 2% while median price of condos rose by the same percentage.
November to February are historically a slower period for Calgary real estate, especially once the cold & snow arrive. Throw in the geo-political aspects and there are likely to be some periods of weakness over the next 4 - 6 months. The opportunity to buy on dips will present itself. Keep in mind that Calgary real estate is a long-term investment vehicle, and ultra-low interest rates we've all become used to will some day be only a distant memory.
Recent Articles on Calgary Real Estate
Calgary Real Estate Board (CREB): Calgary Real Estate Stats - CREB
Calgary Real Estate Board (CREB): Calgary SF Sales by district - October 2011
Calgary Real Estate Board (CREB): Calgary Condo Sales by district - October 2011
Calgary Herald: Strong Job Growth in Alberta
Calgary Herald: Calgary Luxury Home Sales Soaring this Year
Living in Calgary: Calgary Property Assessment: Fact or Fiction?
Calgary Herald: Calgary Housing Market Poised to Show Strong Price Growth
As always, your thoughts & comments are welcomed!
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