As Calgary continues to inch its way out of the recessionary lows, here’s a quick look back at how the real estate market did in 2010.
Bad: We had the lowest number of single-family sales in Calgary since 1995 (12,095)!
Good: The average single-family price throughout the year ($461,144) was higher than both 2008 ($460,327) and 2009 ($442,327).
Bad: The average days on market for a single-family home to sell in December 2010 was 59 (62 for condos), the highest number in 23 months!
Good: The number of new listings really tapered off toward the end of the year, helping to balance out the market.
Bad: The Bank of Canada tightened mortgage rules last spring, making it more difficult to qualify for a new mortgage or to refinance.
Good: Interest rates remained low throughout the year, easing mortgage payments for all of us and helping first-time buyers get into the market.
Overall, the average price for both single family houses and condos increased during the spring months of 2010, then decreased from about May through the end of the year. The average prices for January and December are within $200 dollars of each other.
And now, onto 2011…
Bad: We saw a huge influx of new listings in January (and so far in February), which, without a comparable increase in sales, can lead to an oversupply in the market.
Good: Prices are on the rise. The average price for single family sales so far in February ($457,388) is up almost 4% over the average price to close out 2010 ($441,341).
Bad: More mortgage rule changes this spring are making it even more difficult for buyers to qualify.
Good: Average days on market to sell is down significantly – now 45 days for single family and 53 for condos.
Overall, muted optimism is in the air for 2011. At the Calgary Real Estate Board forecast held last month, they predicted a 4% increase in single-family prices and a 2% increase in condo prices. The number of sales is forecast to increase as well, up 20% for single-family homes and 16% for condos.
Homes that are priced well in today’s market are selling, so if you are thinking about making a move, call me to discuss the best strategy and pricing for your home.
