With the release of CREB®’s monthly stats, Calgary’s residential sales totaled 2,268 units in July, a 17 per cent increase over last year and a six per cent increase year-to-date.
CREB®’s Chief Economist Ann-Marie Lurie said recent flooding likely contributed to sales activity.
“Some of this activity is related to the displaced renters and owners seeking other accommodation,” she said. “But those consumers already searching for a home may have sped up their purchase decision in response to concerns regarding the impact tight supply levels would have on prices.”
The Calgary resale market is firmly in sellers’ territory, supporting price growth. While citywide prices are nearly seven per cent higher than levels recorded in July 2012, the unadjusted monthly gains have been easing. The benchmark price for the city of Calgary totaled $414,100 in July 2013.
“Some sellers have been waiting for prices to recover before listing their homes,” said CREB® President Becky Walters. “Current market conditions have encouraged listing growth this month for single-family homeowners.”
A total of 1,575 single-family homes sold this past July, a 14 per cent increase over the previous year. Year-to-date, growth is 2.5 per cent.
Read more about Calgary’s monthly stats at www.creb.com and in next week’s edition of the CREB®Now real estate news.