With the bad, comes the good. The market is picking up from the flooding events not even 2 months ago. Flooding that destroyed many homes in the city in late June likely lifted resale activity in July, says the Calgary Real Estate Board. Sales of single-family resale homes climbed to 1,575 deals in July, up 14 per cent compared to 1,382 homes during the same month last year, says the board. “Some of this activity is related to the displaced renters and owners seeking other accommodation,” said chief economist Ann-Marie Lurie of CREB in a news release. “But those consumers already searching for a home may have sped up their purchase decision in response to concerns regarding the impact tight supply levels would have on prices.” Prices of single-family resale homes were also on the upswing in July. The benchmark price last month was $461,600, up seven per cent from the same span in 2012 when it was $432,400. The benchmark price is that of a typical home based on a formula that uses various factors to ensure accurate comparisons. “While the flooding will alter sales, listings and price trends in the affected areas, the impacts on the entire resale market will likely play out over the coming months,” said Lurie. “July sales growth has been stronger than year-to-date trends and long-term averages. However, if the level of new listings continues to rise, this could help ease tight market conditions.” There were 1,958 new listings last month. This marks a four per cent increase on the same time last year when there were 1,879 homes added to the market. Overall this year, new listings are down by almost two per cent. From Jan. 1 to the end of July, there were 15,015 new listings. During the same period last year, there were 15,294. Last month, the most single-family home sales in the city were in the board’s Zone A, which roughly compares to northwest Calgary. In this area, 549 homes changed hands for an average price of $509,638 — the second most expensive average price in the city. The highest average price was in the board’s Zone C, which covers most of southwest Calgary. The zone had 461 sales for an average price of $687,839. The board’s Zone D, which roughly covers southeast Calgary, saw 312 transactions for an average price of $470,876. The fewest sales in Calgary were in the board’s Zone B, which roughly covers the northeast quadrant. There were 253 deals in Zone B for an average price of $327,739. RULE BRITANNIA The Calgary community with the highest average resale price of single-family homes in July was Britannia, says the Calgary Real Estate Board. The southwest neighbourhood had four homes sell for an average price of $2.525 million. The least-expensive neighbourhood last month was Fonda, where two single-family resale homes sold for an average price of $260,250. househunting.ca/calgary/real-estate/Floods+boost+sales+along+with+prices/8822357/story.html
Posted on: Fri, 23 Aug 2013 21:21:08 +0000
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