Calgary MLS sales soar in June

Transactions up over 30% from a year ago

By Mario Toneguzzi, Calgary Herald

Calgary’s residential real estate market experienced a significant upswing in
sales in June compared with a year ago. Single-family MLS sales during the
month were 1,398, up 32.01 per cent from June 2010’s 1,059 transactions,
according to data released by the Calgary Real Estate Board on Monday. And for
the first time since April 2010, condo sales were up year-over-year, increasing
by 30.56 per cent in June to 581 transactions. In June 2010, there were 445
condo sales.

The average sale price for a single-family home in June dropped by 0.33 per cent
year-over-year falling to $479,580 from $481,960. According to CREB, June’s
year-over-year increase in single-family home sales was the highest since
January 2010’s 38.50 per cent while for the condo market it was the highest
since March 2010’s 36.26 per cent.

On a year-to-date basis, single-family home sales for the first six months of this
year are up 5.64 per cent from a year ago to 7,231 transactions while condo
sales are down 4.91 per cent to 2,965 units. “Strong monthly increases does not
imply a housing boom, as it is important to put into perspective that sales
activity remains below long-term averages,” said CREB in a statement.

Sano Stante, president of the Calgary Real Estate Board, said the housing market in Calgary
has gradually improved throughout the year as anticipated. “We had a late
spring market this year,” he said. “It’s all starting to come together in June.
And last year we had an exuberant market early on and it died in June. So to
draw comparisons year-to-year for that month shows an exaggeration of the
trend.”

After the first half of the year, it appears the recovery in the housing market is
starting to find its footing, he added. “This gradual leveling has been fuelled
by growth in employment, and in particular growth in full-time jobs. Improved
job prospects, combined with an increase in the number of people moving to
Calgary, will give lift to our housing market for the remainder of this year
and into the next.”

Stante said homes that are value-priced are selling and they’re moving relatively quickly. Homes
that are over-priced are sitting on the market, he added.

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