Tight market restricts growth for resale

http://www.househunting.ca/calgary/real-estate/Tight+market+restricts+growth+resale/9591425/story.html

Resale activity of single-family homes in Calgary last month climbed two per cent over the same time a year earlier, the Calgary Real Estate Board says. Last month, 1,230 homes changed hands, up from 1,207 in February 2013.

“Demand growth in the single-family sector has been restricted by the availability of product,” CREB chief economist Ann-Marie Lurie says.

“New listings in this sector fell for the second consecutive month, causing further tightening in an already undersupplied market.”

Last month, new listings eased by five per cent with 1,785 homes added after there were 1,874 a year ago. This is the second month in a row that new listings of single-family homes decreased in the city. Over the first two months of 2014, new listings fell seven per cent with 3,367 homes compared to 3,606 a year ago.

“As we move into the spring market we expect that listings will improve in all sectors,” CREB president Bill Kirk says. “The rise in listings will help ease some of the tightness in the market, with price growth impacts varying by community and property type.”

The average resale price of single-family homes rose six per cent last month at $550,312, compared to $518,480 during the same time in 2013.

Northwest Calgary led all areas of the city in resale activity of single-family homes last month. Zone A, which roughly spans the quadrant, had 423 deals, with homes selling for an average price of $564,783. The second-highest sales came in Zone C, which covers southwest Calgary, with 351 transactions and an average resale price of $688,517 — the highest in the city.

In Zone D, spanning southeast Calgary, 268 homes changed hands. These homes moved for an average price of $491,684. Northeast Calgary, covered in Zone B, there were 188 sales for an average price of $343,292.”

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