As I looked at our sales and listing volumes for the first month of the year (see stats) I couldn’t help but feel we are in for a big change in the real estate market this year in Calgary. But the question remains if we will see this turn around in the second quarter or in the fourth?  I see signs everywhere that things are finally going to change.

• Let’s look at the rental vacancy rates for starters: Calgary now enjoys residential vacancy rates less than 2%. This will put upward pressure on rents which will bring the cost of renting closer to the cost of owning a comparable property.  As these two align, entry level buyers will begin to move over into home ownership.
• Secondly job creation in the oil sands is staggering. Some estimates are calling for upwards of 60,000 new fulltime jobs created over the 5 years! These jobs will be partially filled by Calgarians moving to the north thereby creating an opportunity here for someone new to come to Calgary … initiating an incredible spin and trick down effect in our own backyard.

From local manufacturing, management and ongoing engineering we will see our city become very busy so when we look at our opening numbers this year, let’s call it the Calm before the storm – it’s about to get busy.  Call me anytime!

As slow as the real estate market seems at times, we are actually doing MUCH better than last year at this time! All categories – single family, condominium, towns outside of Calgary and Country residential – are all up for the first 10 days of August.

We are still behind the 10-year average but things are definitely moving in the right direction!  Call me today for more information!

Sales for both condominiums and single family homes during the month of June showed a marked improvement over the volumes produced last year during the same period of time.

Single family sales led the way with 1,398 home changing hands  during the month. This was a 32% increase over the 1,059 homes sold last year during June.

Condominium sales were also up over last year’s numbers with 581 units selling during the month. This represented a 30% increase over the number of sales recorded in June 2010. This increase in condo sales was the first monthly increase year-over-year since April 2010.

OUR MARKET CONTINUES TO SLOWLY RECOVER WITH POSITIVE JOB CREATION AND RENEWED OPTIMISM FROM THE OIL AND GAS SECTOR.

Total sales in all categories combined for the month of May were up 3.4% over sales volumes produced last year during the same time period. Sales in the small towns outside the city lead the way with a 17% increase in volume.

Single family sales in town were also up by 4%.  Condos and acreages were both down over last years’ numbers.

Listings new to the market continue to lag behind last years’ numbers, which is good as it helps keep our market closer to balance.

It appears overall our market is going to perform similar to last year’s market both in trends and volumes.

As always, call me if you have any questions or even if you just want to talk shop! I can be reached 403-238-3113 or at jondick@shaw.ca!

May 15: Mid-month Real Estate Market Stats

Calgary’s resale real estate market remains on par with volumes produced last year at the same time.

With the government shortening the amortization time for mortgages again this year, it appears we again moved most of the first time home buyers in the first quarter.

Entry level buyers are essential in our market as it allows for a “chain reaction” of sales through the price ranges when a starter home or condo is sold.  When we lack in this area, it stifles the entire market.  Although the economy is improving we still aren’t seeing the net migration needed for our market to grow.

Listings also remain stable and are actually a little behind last year’s volumes, which is good news. Well-priced homes and condos continue to sell and activity in the luxury home market remains strong.

As always, call me if you any questions or even if you just want to talk shop!  I can be reached 403-238-3113 or at jondick@shaw.ca!

The poor weather we had been experiencing during April appears to be taking a toll on our sales count.  For the first 13 days in April, we have had a total of 898 sales through the Calgary Real Estate Board, as compared to the 959 that were recorded last year during the same period of time.

Hopefully sales will pick up during the back half of the years as the weather improves.

Sales for the first week of April show our market continuing to move in the right direction, both with overall volume and new listings.

Sales volumes for the first week in April were up 9% compared to this time last year. New listings were down 7% compared to this time last year.

As our sales volumes continue to increase, and our inventory levels slowly decrease, we get closer and closer to a balance market. Our total available inventory in the City of Calgary is now up only 4% from last year.

More of the same should continue throughout the month! I’ll keep you posted!

As we finish off the first quarter of 2011 with relatively flat numbers with respect to number of housing units sold, watch for gains to begin in the second quarter.  After 3 years, we finally have a recipe brewing for our market here in Calgary to begin to pick up some steam.

Last year we struggled in the second quarter as sales of single family homes lagged behind the previous year by 28%.  New listings last year were also up in the second quarter over the year before by a whopping 27%.  With our listing count trending down and as we compete against these soft numbers we should come out at the end of the second quarter with good results.

Positive net migration and job creation in the province combined with strong energy prices and stable interest rates are all factors as we watch our housing market begin to improve.

Click here to view CREB Calgary’s Regional Market Stats for March 2011.

Click here for archived residential monthly statistics. Archives provide one year worth of information.

Contact me at 403-238-3113 for more information!