Tight market conditions support price growth for a second consecutive year.
Sales growth exceeded expectations in 2013, pushing above the long-term trends. Two consecutive years of elevated levels of net migration, combined with an improving job outlook and confidence surrounding long-term economic prospects, supported the demand growth.
As expected both new listings and transactions in December eased over the previous months because it is typically a slower time of year for sales. However sales activity for the month was in line with long-term averages, despite poor weather conditions just before the holiday season.
The detached benchmark price for December is $472,200 an increase of 8.60% year-over-year. The apartment benchmark price is $278,600 an increase of 12.02% and the attached benchmark price is $307,100 an increase of 8.10%. Overall sales for the month totaled 1,172 units, compared with 1,082 during the same period last year.
Call Jeff Campbell 403-275-3331