Climbing prices hike Calgary listings

The latest monthly report from the Calgary Real Estate Board (CREB), out Monday, notes that new listings are up nearly 5% in March compared to a year earlier, while sales are up 17% and average prices are up about 3%.

Overall active listings remain down 7% from last year, but that figure is trending towards more listings.

“While the number of listings for the first quarter of 2012 remains low compared to last year, the level of decline has lessened, therefore pointing to the fact that those people who have been on the fence are starting to list their homes, and this trend is expected to continue,” says Bob Jablonski, president of the CREB.

The price trends should the most upward movement within the city, up about 4% compared to less than 1% in towns. Single family homes continued to lead the activity by housing type, with sales up 17% from last year and average price up 2% to $472,465.

Condo sales were up 7%, while prices were up 5% to an average of $271,724. The start of 2012 is showing some of the first price gains in Calgary in more than a year, but thus far they’ve been much more stable than the skyrocketing year-over-year gains of 30%-50% in early 2007, followed by declines of about 15% in 2009.

“Overall, the Calgary real estate market continues to move in the right direction, with all indicators pointing towards stable growth and a move towards typical levels of activity,” said Jablonski.

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