Calgary MLS® System Sales: October 2012
The Calgary real estate market continues bucking the national trend. While other major Canadian markets continue to see both their prices & number of sales drop, the October MLS® System sales & prices in Calgary rose significantly from the same month last year.
Combined metro Calgary sales for October were 1,666, up 23.1% from 2011 and 18.3% higher than the five year average*.
*Metro Calgary sales refers to residential real estate within the city limits of Calgary, and does not include rural properties or real estate from smaller towns surrounding the greater Calgary area. Combined sales include both homes (houses), townhouses & apartment-style condos. Vacant lots, parking stalls and timeshares are not included in the combined metro sales totals.
Calgary Home Prices Rise
There were 1,175 Calgary home (house) sales last month, up 19.3% from last October and 18.7% higher than the 5 year average. Both the average and the median sale price for Calgary homes set new records for the month:
- Average home price = $492,754 (8.2% increase from last year, 9.1% higher than 5 year average)
- Median home price = $430,000 (8.9% increase from last year, 8.5% higher than 5 year average)
Calgary Condo Sales
There were 491 Calgary condo sold in October, 33.4% higher than last October and 17% higher than the 5 year average. Both the average and median sale price for Calgary condos were higher than last year:
- Average condo price = $304,004 (7.5% increase from last year, 5.8% higher than 5 year average)
- Median condo price = $270,000 (3.2% increase from last year, 3.0% higher than 5 year average)
Calgary Listing Inventory
There were 3,114 single family (home) listings on the Calgary MLS® System November 1st, 29.1% fewer than same time last year. This represents 2.7 MOI (months of inventory) at the current rate of monthly home sales (vs. 4.5 MOI October 2011).
There were 1,491 condo listings on the Calgary MLS® System November 1st, 22.4% fewer than same time last year. This represents 3.0 MOI (months of inventory) at the current rate of monthly condo sales (vs. 5.2 MOI October 2011).
Calgary Market Outlook
While global economics make it difficult to accurately predict what any real estate market will do, the stability of the Calgary economy has been heralded for some time and is one of the main reasons demand for housing is on the rise. Employment opportunities, confidence in the market and affordability all point to the Calgary market being poised for steady increase in both sales and price appreciation for the next two or three years. With its vast oil and natural gas wealth, Alberta has become the economic engine of Canada, and Calgary is where most of the majors players have head offices:
CIBC is forecasting Alberta to lead Canada in economic growth for the next decade. "Natural resource wealth is synonomous with economic and fiscal success".
Calgary MLS® System Sales Stats: October 2012
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