Calgary Real Estate – Appears to be a seller’s market

According to the Calgary Real Estate Board, The first three weeks of August, the average home sale price increased by 10.14% to $456,105 and active listings of 4,089 were down 24.57%.

Home sales in Calgary are on track to gain the highest August total since 2005 and the second highest on record for the month.

From August 1st – 21st there have been 1,462 MLS sales in the city, up 32.4% from last year.

That’s down from the 1,516 sales set in August 2005 for the same period. Sales ended up at 2,326 for the entire month of August in 2005.

It seems we are in a sellers’ market as we have a substantially low level of home inventory and the sales of homes have increased immensely.

Ann-Marie Lurie, CREB’s chief economist, senior analyst and founding partner of the Real Estate Investment Network said “Strong resale growth numbers will likely persist for much of this year, outside of the flood, as migration levels posted stronger than expected levels, supporting stronger than expected demand growth”.

“The housing market will continue tobenefit due to strong fundamentals, assuming the energy sector remains strong,” she said.