Real estate pace slows in Calgary

Listings were down 14% and sales down 4% compared to the first quarter of 2010.

The latest report also showed the average price of a single-family home in Calgary was up 4% year-over-year to reach $475,575. But that number was likely skewed by a string of recent sales of homes worth more than $3 million, as the median price was up just 1% over that same period to reach $420,000.

“We are seeing improvements in the sale of homes in the higher price points,” said CREB President Sano Stante. “Homes above $700,000 are selling within an average of 41 days. This is consistent with pre-recession levels.”

Overall listings were down 25% in April 2011 compared to April 2010, however, reaching 2,299. Sales were down 10% over the same period, reaching 1,217.

The decline was seen especially in condominiums, where a 16% drop in sales in April has likely played a major part in a 27% drop in listings.

Stante said this decline in listings will help provide more stability going forward in the Calgary market. But for condo sellers, the average days on market in April was up to 53 days, which is a 29% increase from a year earlier when it was 41.
Condo prices were level from last year, dropping just 0.15% to an average of $289,158.

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