It’s still a buyer’s market, but recent single-family resale housing statistics suggest purchasers are losing some of the advantage they held.

Calgary Herald ArchiveSingle-family resale housing statistics suggest purchasers are losing some of the advantage they held earlier in the year. Prices are rising and availability is dropping.

Prices are climbing steadily, as are sales — and the catalogue of available homes is much thinner than it was at the start of this year, says the Calgary Real Estate Board.

Sales in June reached a new monthly high for this year when 1,837 homes changed hands at an average price of $447,142 — $34,000 higher than at the end of January.

The June sales total also bested the 1,439 transactions for the same month in 2008.

CREB president Bonnie Wegerich says the good news is that prices have remained “relatively” affordable.

“We are liable to see significant price gains in 2009, but more likely a gradual and steady improvement in home values.”

As for inventory, it has fallen to 2,787 homes, down from slightly more than 4,000 at the end of January.
“It is not a buyer’s market, like we saw in January of this year,” says Wegerich.

“As our inventory trends lower, choice and selection will decrease. Nonetheless, there are still some great opportunities out there for buyers.”

Since the end of January, when 550 sales were recorded by the board, they more than tripled by the time June’s ledgers were closed.

Another notable aspect of the market turn is that last month it took an average of two fewer days to sell homes. “A rise in demand, along with fewer listings, has helped bring supply into balance with demand,” says Wegerich. “Affordable prices, low interest rates, and pent-up demand continue to fuel this gradual rebound in the market.”

While encouraged by the level of sales activity and the general upbeat feel in the resale housing sector, she says there are still some elements to deal with regarding an economic turnaround.

“A rebound in employment and oil prices will have a significant impact on the housing market in Calgary,” she says, adding that this is unlikely to happen until the beginning of next year. In terms of condos, June marked the highest number of sales for the year at 738. In January, only 225 changed hands.

Like the single-family sector, inventory continues to decline. After peaking at 2,065 in February, the total fell to 1,744 to the end of last month.

As for the average selling price, it reached its highest point this year, hitting $285,595 for June.