Since January,  homes sales and median prices have surged. The median price has increased 3.08% compared to August of 2011 and sales have increased 4.62% year to date 2012 from 2011. The total number of listings at the end of August was just under 5200 active listings which is not much for a city of a million plus people. While the market is tight (not a lot of properties for sale) our opinion is that we are in a balanced market. Over the last few months listings have been getting sold at a blistering pace. We suspect by the end of October we will have surpassed all of 2011 sales with 2 months still to go. You would have to go back to 2007 to see better sales and prices.

 

A look Ahead......

 

Single Family

Calgary has had a great year so far in the single family category. We should surpass 2011 total sales by the end of September. Prices are up 6.33% year to date and 4.22% from August last year. The median price at the end of August 2012 was $420,000. We expect a slow downward pressure on prices until February but not much of decrease. This would be the typical real estate cycle where we slow down after July, have a little spurt in September, then continue slowing until Spring.

 

Condos

Condo’s both apartment and townhouse have seen sales increase year to date but not as dramatic as single family. Prices have moved up slightly but are holding there own considering sales are slowing out there. The median price for an apartment condo at the end of August is $255,000 and $285,000 for a townhouse. Not a lot of listings at this time and that may be due to a low rental vacancy rate keeping condo’s off the market. We believe the upward trend for condo’s will continue but painfully slow.


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