First quarter of 2012 shows strong growth in Calgary market!
All of the major real estate statistics categories are on the rise, except for a key number home sellers love to see declining – average days on market to sell. That number has already dropped from 59 in January to 40 in March for single-family homes! And with inventory levels still quite low while demand is increasing, that number could drop further. Here is a quick look at the inventory and sales numbers for March in all categories:
Calgary Single Family: 3,367 Listings, 1,576 Sales
Calgary Apartment Condos: 1,119 Listings, 356 Sales
Calgary Townhome Condos: 606 Listings, 235 Sales
Surrounding Towns (all categories): 2,596 Listings, 457 Sales
Rural Properties: 962 Listings, 76 Sales
The average single-family home cost $472,000 in March. That is $7,000 less than it was five years ago in March 2007 and just $33,000 or 6.5% lower than the peak numbers reached in July 2007.
If you want reinforcement that real estate is a great long-term investment, consider that our average price last month of $472,000 is 24% higher than it was six years ago, 65% higher than it was seven years ago, and 89% higher than it was eight years ago. I could go on.
But that average price for March is also slightly higher than it was one, two, three and four years ago. So we are now in the interesting position where, if you bought pretty much anytime in the last 10 years, other than spring/summer 2007, you are making money on your investment. Good news for homeowners!
The silver lining for those who haven’t yet jumped into the market is that mortgage rates are still at extremely low rates, though there is much rumbling in the mortgage industry about rates on the rise as bond markets go up.
It’s an exciting time in the real estate market with so much sales activity. Homes priced appropriately are selling quickly, and sometimes at or over list price. If you are thinking about a lifestyle change, an investment or your first home, please contact me to help achieve your goals for 2012.