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January 2011 Calgary Real Estate Board Statistics

Posted by Jeff Campbell on Tuesday, February 1st, 2011 at 2:59pm.

CALGARY HOME SALES RISE YEAR-OVER-YEAR
Single family homes in the inner-city drive recovery
 
Calgary, February 1, 2011 – Single family home sales in the City of Calgary edged upwards month-over-month and showed the first year-over-year increase since April 2010, according to figures released today by CREB® (Calgary Real Estate Board).  
 
The number of single family home sales in the month of January 2011 were 787, compared with December 2010, when sales were 734 — an increase of about 7 per cent. The number of condominium sales for the month of January 2011 was 297. This was down from the 320 condominium transactions recorded in December 2010.
 
Year-over-year, the number of single family homes sold in January 2011 in the city of Calgary increased by just over 3 per cent.  In January 2010, single family home sales totaled 762. Condominium sales saw a decrease of 21 per cent from the same time a year ago.  In January 2010, condominium sales were 376.
 
“More affordable housing will continue to attract homebuyers to the inner-city, particularly as employment in the city of Calgary continues to improve,” says Sano Stante, president of CREB®.  “Single family homes in the city are currently driving this gradual recovery, and we are seeing an uptick in the sale of homes below the $350,000 price point.  This may suggest more first time homebuyers are entering the market, providing the fuel needed for a sustained housing recovery.”
 
The average price of a single family home in the city of Calgary in January 2011 was $454,287, showing a 3 per cent increase from December 2010, when the average price was $441,341, and a 3 per cent increase from January 2010, when the average price was $441,217. The average price of a condominium in the city of Calgary in January 2011 was $287,954, showing a 2 per cent increase from December 2010, when the average price was $282,768 and a 2 per cent increase over last year, when the average price was $282,639.
 
The median price of a single family home in the city of Calgary for January 2011 was $390,000, showing a slight increase from December 2010 when the median price was $389,000. This was a 2 per cent decrease from January 2010, when the median price was $398,000. The median price of a condominium in January 2011 was $255,000, showing a 1 per cent decrease from December 2010, when the median price was $258,500, and a 4 per cent decrease from January 2010, when it was $265,000.
 
“The recovery in 2011 will be incremental and gradual.  Nonetheless, at the moment Calgary is offering buyers a great deal of affordability, low interest rates and a large selection of inventory,” says Stante.   “Overall the first quarter of 2011 will show modest improvements in sales which will lay the foundation for the return to a more balanced market,” he adds.

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