Tuesday, July 14, 2015

Repeat Home Sale Prices in Calgary Swing Upward


Published on: July 14, 2015 | Last Updated: July 14, 2015 3:40 PM MDT

Calgary experienced one of the highest rates of growth for prices of repeat home sales in June, according to a new report released Tuesday.
The Teranet — National Bank National Composite House Price Index said prices in Calgary rose by 2.5 per cent month-over-month following a record monthly drop of 3.3 per cent in May. Only Victoria, at 2.6 per cent, had a bigger monthly gain.
The index is estimated by tracking ob­served or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index.
Nationally, the index for 11 major centres surveyed in Canada reached a record level — up 1.4 per cent from the previous month, a sixth consecutive monthly increase. The rise was slightly above the June average of 1.3 per cent over the last 10 years., said the report.
On a year-over-year basis, prices were up 0.2 per cent in Calgary. They rose by 5.1 per cent nationally.
The report said Calgary prices remain 2.7 per cent below their peak in October 2014.
mtoneguzzi@calgaryherald.com
Posted by at

Tuesday, July 7, 2015

Chestermere Runs Counter to Housing Market Downturn

 

Published on: July 7, 2015 | Last Updated: July 7, 2015 9:53 AM MDT

Chestermere set a record for MLS home sales in June. Lorraine Hjalte Lorraine Hjalte / Calgary Herald     

Home sales in Chestermere bucked the regional trend by setting an all-time sales record in June, according to Mike Fotiou, associate broker with First Place Realty in Calgary.
Fotiou said in his real estate blog that 64 homes sold during the month, which is a 49 per cent increase from a year ago. It was also more sales than the entire first quarter of this year.

“For the city overall, prices were up from a year ago by all three measures: the benchmark price increased 7.4 per cent from $458,900 to $493,000; average price was up 2.5 per cent from $532,071 to $545,509; median price posted a 1.5 per cent gain, climbing from $512,500 to $520,000,” he said.
Fotiou said there were 125 properties for sale at the end of June which was six more than a year ago but 20 less than the previous month.

“The Chestermere market enters the summer on solid footing: under two months of supply and a sales-to-new-listing ratio of 0.86,” he said.

By contrast, total MLS sales in Calgary were down by 18 per cent, to 2,183 last month, the slowest pace of year-over-year decline in 2015. New listings also fell by 18 per cent to 3,122. The average sale price of $483,398 was down 1.67 per cent, while the median price rose 0.7 per cent to $430,000, according to the Calgary Real Estate Board.
In the surrounding areas around Calgary, total MLS sales in June of 560 were down by 14.86 per cent from last year. However, all price indicators were positive. The benchmark rose by 4.12 per cent to $435,000. The median was up 0.8 per cent to $407,750 and the average increased by 6.4 per cent to $499,561.

“Transportation and access improvements via the ring road as well as affordability and lifestyle choice are all playing a role in the strength of the Airdrie and Chestermere real estate marketplaces,” said Don Campbell, senior analyst with the Real Estate Investment Network. “The lifestyle choice that these two regions provide versus an increasingly busy and congested Calgary, have helped them become a destination of choice for those wishing to settle in the Calgary region.
“In addition, they have become magnets for long-term Calgarians who have sold for economic reasons … The ripple effect is in full force as we are also witnessing long-term Chestermere and Airdrie residents pulling up stakes to even smaller, less busy, centres even farther out.”
Fotiou said Airdrie home sales improved in June but a greater number of new listings nudged inventory to its highest level since 2011.

The 166 homes sold last month was a 8.5 per cent increase from May but a 16 per cent drop year-over-year.

“Airdrie’s red-hot seller’s market from last year had ping-ponged to a buyer’s market in January and then into a balanced one by June with 2.31 months of supply and a sales-to-new-listing ratio of 0.68,” said Fotiou.

He said the benchmark price annual growth slowed to 2.9 per cent in Airdrie, the smallest increase since November 2012 and a far cry from the double digit gains experienced through most of 2014. It was $374,900 in June. The median price of $387,400 dropped by 0.7 per cent from last year while the average price was up 2.6 per cent to $394,320.
mtoneguzzi@calgaryherald.com
Posted by at

Thursday, July 2, 2015

The Worst May be Over for Calgary Resale Housing Market



Published on: July 2, 2015 | Last Updated: July 2, 2015 6:18 AM MDT

A recent RBC report said resale housing activity in Calgary has stabilized suggesting the worst may be over for the market.

And more evidence of that can be found in the June MLS data put together by the Calgary Real Estate Board.

Total MLS sales in the city were down by 17.84  per cent to 2,183 during the month, the slowest pace of year-over-year decline in 2015. New listings also fell by 17.82 per cent  to 3,122 and the average sale price of $483,398 was down 1.67 per cent. The median price, however, rose by 0.7 per cent to $430,000.

“There’s still a sense of uncertainty in the real estate market right now— the decline in oil prices and questions about the economy are still influencing consumer sentiment.  There are some positive notes though. Benchmark home prices in May improved in comparison to the previous month and inventory has eased off, signs the market might be moving towards more balanced conditions,” said Grace Yan, realtor with Sotheby’s International Realty Canada.

“Even though overall sales activity is slower than recent years, what many people aren’t aware of is that there are several neighbourhoods where demand has been stable, including prime areas in the inner city and neighbourhoods like Lake Bonavista. Also, if sellers have adjusted pricing to match today’s market and if homes are properly showcased, people can for the most part, expect their homes to sell in a reasonable time frame. Accurate pricing to suit today’s market is really key.”
Active listings of 5,070 at the end of the June are up 6.53 per cent from a year ago. The average days on the market to sell a property rose from 29  last year to 40 this year which is a hike of 37.93 per cent.

Yan said the market ebbs and flows with the season and historically it slows during the summer months but the industry will be able to better gauge the market for the rest of the year in the fall after the Bank of Canada makes an announcement on interest rates, after employment figures are released and following the provincial government’s release of the budget.

Here are the number of MLS sales and year-over-year change for the months of 2015:
January – 880, -38.85 per cent
February – 1,217, -34.22 per cent
March – 1,782, -28.17 per cent
April – 1,957, -22.37 per cent
May – 2,190, -25.46 per cent
The following are the average MLS sales price and year-over-year change for the months of 2015:
January – $460,933, -0.51 per cent
February – $462,294, -4.24 per cent
March – $474,251, -2.19 per cent
April – $470,254, -1.38 per cent
May – $478,790, -1.51 per cent
mtoneguzzi@calgaryherald.com
Posted by at
Subscribe to: Posts (Atom)