Year-end figures demonstrate stable growth- January 3, 2012
According to figures released today by Calgary Real Estate Board (CREB)
Calgary residential sales in 2011 increased eight per cent over last year, with 18,568 sales for 2011
compared to 17,267 in 2010. Recovering from tepid sales activity in the first half of 2011, early
improvements in employment and migration resulted in a pickup in housing demand in the second half of the year.
By the end of June 2011, year-to-date sales activity had only increased by two per cent compared
to the second half of the year, where residential sales improved by 15 per cent.
“While sales activity in 2011 remained below the long run average by 17 per cent, monthly figures point
towards the trend of this gap narrowing,” says Sano Stante, president of CREB®.
2011 single family sales totaled 13,186, a nine per cent increase over last year
While sales increased, listings remained low, with an annual total of 24,245, six per cent lower than 2010 levels.
Single family average price in 2011 reached $466,402, a one per cent increase over last year.
While there have been some strong monthly increases, primarily due to sales in the upper end skewing the prices, overall prices have remained fairly stable. Meanwhile, the year-end median price of 405,000 remains at levels similar to 2010. “Throughout 2011, elevated levels of inventories have limited price growth as consumers benefitted from sufficient supply of housing to choose from; however, as these inventories drop to levels more consistent with a balanced market,we can expect some moderate price growth moving forward,” Stante concludes.