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Tuesday, April 9, 2013 - Tight market drives home prices higher

Real estate board reports average Calgary house sold for $518,400
By Dan Healing, Calgary Herald April 2, 2013

CALGARY — A tighter market for resale homes led to faster sales as prices set new all-time highs in March, according to the Calgary Real Estate Board.

In Calgary, average housing unit prices including condos and townhouses were up nine per cent to $460,800 from $422,400 in March 2012. That’s more expensive than the record $457,100 in February, which upset the previous high mark of $452,600 set in July 2007.

Single-family homes sold in the city averaged $518,400, ahead by nearly 10 per cent over March 2012, while condos were up nearly 11 per cent at $300,900 and townhouses were up 13.5 per cent at $355,500.

The average MLS sale price for a single-family home in February was $518,500, beating the previous record of $506,700 in July 2007.

“Less resale product available to consumers is ultimately limiting sales growth,” said CREB president Becky Walters in a news release.

“In addition, resale homes are selling in less time and with continued upward pressure on prices.”

The average residential price in the Calgary region jumped nearly seven per cent to $451,500 in March from $422,400 in the same month of 2012, the board said in a news release.

CREB said the inventory of active homes for sale in Calgary showed the lowest March levels in more than five years, coming in at about 4,000 units, up from February’s levels but well below the number available one year ago.

Read more: http://www.calgaryherald.com/homes/Tight+market+drives+home+prices+higher/8184381/story.html#ixzz2PyzoqD7f

posted in News at Tue, 09 Apr 2013 16:06:34 +0000

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