I started off the year with a blog about the predictions for Calgary’s resale real estate market for 2013 and if we take a look through the numbers, it turns out this year has been busier than the experts had predicted!
The Calgary Real Estate Board forecasted 15,381 single-family home sales for the year… as of today, we are at 11,120 sales (72% of the forecasted total with only 64% of the year gone). For condos, we are at 4,828 of a forecasted 6,288 (77% of the forecasted total).
Prices have certainly been on the rise this year, which has made it easier for home sellers to achieve their financial goals and make a move with some equity in their pockets. The single-family benchmark price for July was $461,600, a 6.75% increase over July 2012. (For a description of what “benchmark price” means, read my blog from last year here)
Townhome condos are up to a benchmark price of $294,500, a 6.16% increase over July 2012. But the biggest winner is the apartment condo sector, which is at a current benchmark price of $267,600, an 8.08% increase over July 2012.
These sale increases have all exceeded the predicted price gains of 3% for single-family, 2.4% for condos and 2.8% for townhomes, though we will have to wait for the end of the year to see how the final numbers shake out.
There has been almost $7 billion worth of Calgary real estate sold so far in 2013 with properties selling for an average of 2% to 3% off their list price. The current average time to sell a house is about five weeks.
All of this makes for a vibrant, busy marketplace. Areas not affected by the late-June flooding continue to roll along with strong demand and limited supply. Areas affected by the flooding are on hold to some degree, though some homeowners are starting to put their flood-damaged homes on the market with disclosure of the damage and any repairs.
I hope you have all been enjoying the lovely summer weather of late and I’m optimistic it will carry through the fall! Don’t forget that the deadline to get an entry into my 2013 sweepstakes with the grand prize of a trip for two to your choice of Las Vegas or Phoenix is October 31. You receive an entry through buying or selling with me OR referring a friend that buys or sells with me. Full contest details can be found here.
