February 2014 saw the number of listings for single family homes decrease by almost 5 per cent with 89 fewer listings than the same month last year. The first time home buyers trying to get into starter homes priced below $300,000 are particularly having a hard time with low inventory.

Despite the low inventory single family homes sales increased by 1.9 per cent over the previous year with 1,230 sales. The benchmark price for single family homes in Calgary in February was $482,800 an increased of 9.11 per cent over the previous year. Average days on the market dropped to 29 last month from 37 in February 2013, a decrease of 20.67 per cent.

Condo apartments and condo townhomes actually had an increase in listings in February with a 26.71 per cent and 2.62 per cent increase respectively over the same month last year. In addition both increased in prices with condo apartments increasing their benchmark price to $283,400, a 12 per cent increase over February last year, and condo townhouses increasing their benchmark price to $309,700, a 9 per cent increase over the same month last year.

Calgary home prices are defiantly not cheap with a benchmark price at $434,100 but it’s still relatively affordable compared to other major markets like Metro Vancouver which is currently $609,100 or the City of Toronto with a benchmark price at $539,800.

We will have to wait and see what the Calgary spring resale market brings. Hopefully new home buyers will soon have a bit more to choose from. Many sellers wait until spring, a more typical time to list, so we are expecting the number of listing to increase in the next few months. “The rise in listings will help ease some of the tightness in the market, with price growth impacts varying by community and property type,” says CREB® President Bill Kirk.

If you are thinking of selling your home, however now might be just the right time for you.

Posted by Marnie Campbell on


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