Home and condo sales in Calgary and area remained relatively unchanged in December 2010, indicating that a full-fledged recovery in the housing market has yet to take hold, according to figures released on Tuesday by the Calgary Real Estate Board (CREB®).
Looking back in 2010, total single family home sales in the city of Calgary were 12,095, a decline of about 16 per cent from 2009, when total single family sales were 14,440. 2010 markes the lowest bumber of single family home sales since 1995, when 9534 single family homes were sold.
“Undoubtedly housing markets in Alberta and Calgary underperformed in 2010, as sales recoveries did not materialize as forecasted. In many ways, re-sales in 2010 showed a repeat of 2008, with a short lived resurgence in the first few months, when condidence returned to the market,” says Diane Scott, president of CREB®.
Calgary employment and net-migration being slower to recover – and are key drivers of our housing market. The good news is we are now seeing marked improvements in investment and employment in the energy sector. This coupled by improved affordability and low interest rates, will eventually translate into a gradual recovery of our housing market as we move into 2011.
For more detailed stats about your specific community/home/condo feel free to contact us at info@corleyteam.com. Even if your not actively in the market, it is always great to know what is going on in your community!
.