November home sales in the city of Calgary remained steady monthover-month, while year-over-year sales were down, according to figures released by the Calgary Real Estate Board (Source: CREB® Dec 1 News Release) The number of single family home and condo sales in the month of November 2010 were similar to October sale numbers and were 891 and 310 respectively. Year-over-year, the number of single family homes sold in November 2010 in the city of Calgary were down 19% from 2009 figures. Condominium sales saw a decrease of 38% from the same time a year ago. “Indeed, the second half of 2010 has proven to be weaker than expected, and Calgary’s housing market is taking some time to re-gain traction,” says Diane Scott, president of CREB®. “Subdued sales have meant buyers have an abundance of products to choose from, and they can be selective in their buying criteria.” “In this market, REALTORS® and their sellers have to be competitive in their pricing and go back to the basics—conditions, location and price,” adds Scott. The median price of a single family home in the city of Calgary for November 2010 was $399,900, showing a 3% increase from October 2010. This was a 2% decrease from November 2009, when the median price was $408,000. The median price of a condominium in November 2010 was $253,300, showing a 1% decrease from October 2010 and a 4% decrease from November 2009, when it was $264,900. “We are not likely to see any major dips in pricing over the coming months, but there may be some decline in our average and median prices as motivated sellers reduce their price, and we work through our increased levels of inventory” says Scott. “The good news is that we are seeing a downward trend on our overall inventory levels, and our absorption rate is gradually improving,” adds Scott. “Unemployment peaked at around 7.6% in the middle of this year, and has been slowly improving since then. We do expect Calgary and Alberta’s economy to improve in 2011, driven in part by recent improvements in the energy sector. Ultimately it is going to take boosts in employment, along with more migration, to kick-start Calgary’s housing market,” says Scott. |