Calgary Real Estate: September 2011 Market Review
- SF Calgary MLS® sales for the month of Sept 2011 showed a 10.7% increase over Sept 2010.
- Average sale price for Calgary homes was $466,167, a 1.3% increase over Sept 2010.
- Median sale price for Calgary homes was $400,000, a 2.6% increase over Sept 2010.
- Average days on market (DOM) for SF Calgary homes was 48 days
- Calgary MLS® condo sales also were much stronger, with 16.9% more units selling last month vs Sept 2010.
- Average sale price for Calgary condos was $299,315, a 5.4% increase over the same month last year.
- Median sale price for Calgary condos actually fell 1.9% from the Sept 2010 level.
- Average days on market (DOM) for Calgary condos was 58 days
Calgary Real Estate Prices: September 2011
Calgary Real Estate Market Outlook
Calgary real estate sales and prices are higher than they were this time last year, but uncertainty in the world economic situation continues to inject uncertainty. The dark cloud hanging over Europe with respect to Greek debt combined with the lacklustre recovery in the US will continue to cause our market to trade sideways until more positive measures are taken. Meanwhile, continued low interest rates (5 year mortgages at 3.5%) appear to be with us for some time.
The median price of Calgary homes over the past 3 months is $403,750, about 8% lower than it was when Calgary market prices peaked four years ago in the summer of 2007. Good for Calgary buyers, not so great for sellers who purchased homes at that time. It won't be long before Alberta oil is averaging over $100 per barrel, bringing tens of thousands of new people to the city. Calgary real estate will be worth more - how much and exactly when is impossible to predict.
Recent Articles on Calgary Real Estate
Calgary Herald: Calgary resale home pace defies global turmoil
Calgary Herald: Calgary housing market picks up in October
Canadian Real Estate Magazine: Calgary real estate to fare better than other Canadian cities: CREB
Troy Media: Alberta economic snapshot for October 8, 2011
As always, your thoughts & comments are welcomed!
We'd be happy to discuss this or answer any questions on Calgary real estate - please feel free to contact me below, or if you'd like to chat with me page me directly through Royal LePage Solutions @ 403-252-5900
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