Price growth eases as supply improves
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Calgary, Nov. 3, 2014 – Continued double-digit gains in the condominium apartment sector helped to fuel a 10 per cent increase in Calgary’s residential resale housing market in October. Overall sales for the month totaled 2,147 units, compared with 1,948 during the same period last year.
With a 14 per cent gain, the city’s condominium apartment sector recorded the largest year-over-year growth. It represents the sixth consecutive month that sales in this category have increased by double digits – due, in large part, to better selection of relatively affordable product. More than half of this year’s new listings have been priced below $300,000.
While sales improved, year-to-date condominium apartment listings also increased by nearly 30 per cent to 6,528 units. The pace of growth has exceeded sales growth causing a rise in inventory levels.
Meanwhile, year-over-year condominium townhouse sales growth eased to eight per cent in October compared to the same period last year. Year-to-date sales, however, are still up 19 per cent to 3,303 units. New listings have similarly kept pace, creating access to more inventory for buyers.
Much like the condominium sectors, October sales in the singlefamily market experienced healthy gains, growing by 9.7 per cent to 1,462 units compared to same period last year. Meanwhile, new listings totaled 1,871 units. Year-to-date single-family sales and new listings have totaled 15,301 and 21,890 units respectively.
As of October, only 18 per cent of new single-family listings were priced below $400,000 and only 387 remained in inventory by the end of the month.
Single-family, apartment and townhouse benchmark prices totaled a respective $513,500, $299,800, and $337,800 in October. While all sectors saw unadjusted monthly prices level off and growth ease, year-over-year increases remained above nine per cent across all categories due to gains achieved this past spring.
Sharon and Darren