Calgary, Canada, April 12, 2014 --(PR.com
)-- March saw the lowest inventory levels in the single family sector since 2006. This was caused by increased in sales and decrease in new listings.
Calgary Real Estate Board (CREB) Chief Economist Ann-Marie Lurie explains the factors contributing to the growth in housing demand were positive net migration, gains in employment, and tight rental conditions. Lurie added that further constraints in inventory could drive the prices up even more in spring.
The CREB market report stated that single family sales for the first quarter in 2014 increased by 9.5% compared the same time last year. This combined with a decrease in new listings by 5% brought the inventory levels down to around 2,000 units.
The benchmark price, which is an indicator used to compare properties, showed a 9.9% increase year over the previous year.
Bill Kirk, CREB President, warned that while tight market conditions exist, “...both buyers and sellers need to be aware that conditions are dependent on the community and price range that you are targeting.”
The CREB market report also showed that sales growth in the Calgary condo apartment sales saw the strongest growth due to the availability of listings. Even with an 18% increase in listings over the previous year, demand still outpaced the listing growth. Furthermore, it inspired the 11.5% increase in the apartment condominium sector. The overall condominium price level stayed below the peak levels.
Lurie explained, “Some easing of the supply pressure in the condominium market is expected as new construction projects are completed.”
For more information on Calgary condos or the real estate market, please contact Karim Hassam at 403-689-9594 or at firstname.lastname@example.org.