Your Local Realty Minute: Strong Start to 2014 – Limited Listings Holding Back More Sales

 

Traci Nayeri, CCS ~ REALTOR® Residential ONE Real Estate www.tracinayeri.comTraci Nayeri, C.C.S. ~ REALTOR®

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       www.tracinayeri.com

Although the weather was not being as cooperative, the residential real estate market in Calgary has been heating up continuously since the clock struck 2014! Total sales for our city, in the first quarter of 2014, were up nearly 15 per cent over those same three months in 2013, according to CREB® [the Calgary Real Estate Board]. This strong growth assisted in pushing the average sale price up by over five per cent, to $478,594 and driving down the days properties were on the market before selling by over 20 per cent ~ continuing the sellers market! “ ‘There are several factors contributing to the growth in housing demand, including the inflow of people to our province over the past two years, strong gains in employment and tight rental conditions,’ said CREB®’s chief economist Ann-Marie Lurie. ‘However, supply conditions vary amongst the different property segments, impacting the number of sales and price growth. If supply constraints persist in the single family sector, prices are expected to record further gains as we move into the spring market.’ ” To take a closer look at the sales performance of the individual types of housing, both sectors of condos [apartment and townhouse] grew the most over 2013 values. Apartment condo sales, for the first quarter of 2014, were 28 per cent stronger than the previous years’ sales [for the same three months]. Condo townhouses increased almost as much, with sales outperforming 2013 numbers in excess of 25 per cent. Meanwhile, single family home sales saw a nearly ten per cent jump – many theorizing the lack of new listings being a limiting factor for even more growth. “ ‘With tight market conditions, particularly in the single family market, purchasers should ensure they have a clear understanding of what they can afford and what they are willing to pay for a home,’ says Bill Kirk, CREB®’ president. ‘However, both sellers and buyers need to be aware that conditions are dependent on the community and price range that you are targeting.’ “

Here is a look at the sales activity for March 2014 in Parkdale, West Hillhurst & University Heights:

Parkdale

Single Family Homes

Condos

Properties on the Market:                    20

Properties on the Market:                3

Sales:                                                        9

Sales:                                                   1

Properties Added:                                 9

Properties Added:                             2

Average Sale Price:                              $863,600

Average Sale Price:                          $560,000

List versus Sale Price:                         97.81%

List versus Sale Price:                    99.13%

Average Days on the Market:           64

Average Days on the Market:         71

West Hillhurst

Single Family Homes

Condos

Properties on the Market:                 36

Properties on the Market:              10

Sales:                                                     17

Sales:                                                  2

Properties Added:                              16

Properties Added:                           7

Average Sale Price:                             $878,582

Average Sale Price:                        $398,500

List versus Sale Price:                        96.93%

List versus Sale Price:                   99.02%

Average Days on the Market:           28

Average Days on the Market:      17

University Heights

Single Family Homes

Condos

Properties on the Market:                  1

Properties on the Market:                 1
Sales:                                                     0

Sales:                                                     1

Properties Added:                               0

Properties Added:                               1
Average Sale Price:                             0

Average Sale Price:                            $282,000

List versus Sale Price:                         0

List versus Sale Price:                       98.95%
Average Days on the Market:           0

Average Days on the Market:          10

*statistics & information provided by creb*
—–this message is not intended to solicit clients actively working with other realty associates—-

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