Prices also continued to creep up higher to $408,318, reaching their highest average in the city since November when the average price was $411,224. For single-family homes, the average price in February was $461,786, up 1% from a year ago. Condominiums averaged a price of $290,145, up 3% from last year.
The increases in sales and prices last month are the result of the convergence of low interest rates, improved confidence in the local economy, and an affordability level that many buyers found appealing, said CREB President Sano Stante. He said those conditions had built the foundations for a housing market recovery in Calgary, which has lagged compared to other parts of the country.
â€œSales of single-family homes priced below $400,000 are driving the gradual recovery, with the expectation that as the year progresses we should see the sales shift to homes price in the mid-range of the market,â€ said Stante.
One trend going the other direction, however, is days on market. The average days on market for a Calgary property on the Multiple Listings Service was 54 days in February, compared to 45 days a year ago.
That may relate at least in part to the large increases in listings. Single-family listings in the city for February were 2,268, up 15% from January and up 5% from a year ago. Condominium listings were at 971, up 12% from January, although down 12% a year ago when there were 1,109 listings.
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It was the second straight month of year-over-year growth in sales. Compared to a year earlier, single-family home sales in February were up 13% to reach 1,035.