Rising Inventory Contributes To Record-Breaking Sales
By Randy Bett
There was a burst of real estate activity in the city of Calgary this spring, as both new listings and total sales each jumped by over 16 percent from May 2013 to May 2014, resulting in a May sales record!
“Strong sales activity is a reflection of improving fundamental conditions such as a growing population, favourable lending rates and rising wages,” says Calgary Real Estate Board® (CREB®) Chief Economist Ann-Marie Lurie. “Leading up to May, resale market sales were somewhat restricted by lack of choice. However, recent price gains have encouraged growth in new listings, helping meet some of the housing demand.”
While market conditions continue to favor the seller, improving supply has helped ease some of the tightness in the market.
CREB® President Bill Kirk notes, “Both condominium apartment and townhouse style products have recorded inventory growth relative to last year. This is good news for consumers looking for more choice in condominiums priced between $200,000 and $400,000.”
When it comes to the single-family market, it depends on price and location. Kirk explains, “While the majority of sales are occurring in the $300,000 to $500,000 range, the number of new listings in this segment has lessened relative to last year, which indicates most new listing growth is occurring in the higher end of the market.”