Photo: Colby Stopa/Flickr
Via research from First Place Realty broker Mike Fotiou, the Calgary Herald is reporting that there were only 1,515 MLS single-family home listings on the market to start the year, the lowest level to begin a year since 2006. More from the Herald:
…there were 2,236 active listings in the city’s overall real estate market to begin the month of January, down 17.9 per cent from a year ago.
In January of last year, there were 1,267 fewer homes for sale in Calgary, representing a 31.8 per cent reduction in listings from the 3,989 the city had to start 2012.
According to the latest data from the Calgary Real Estate Board (CREB), there are currently 2,315 active home listings in the region, a 17 per cent decline from the 2,785 homes listed in January 2013 (tweet this stat). Two hundred and forty-nine of those active listings are townhouses, a 22 per cent drop from the 320 townhouse listings there were this time last year. Indeed, active listings for the other two housing forms — single-family homes and condos — are also down 18 per cent and 11 per cent respectively from their levels a year ago.
What does it mean for the year ahead?
Fotiou tells the Calgary Herald that he believes 2014 will see more new home construction as builders “step up to meet demand.”
But while active listings may be down for all housing forms, both new listings for condos and townhouses are up three per cent and 28 per cent respectively. (New listings for single-family homes are down nearly 14 per cent compared to the same time last year.)
Also in conversation with the Herald, CREB economist Ann-Marie Lurie says she would be concerned if both active listings and new listings were declining. But they are not. Lurie told the Herald:
“If new listings keep going up, this should help alleviate some of the supply pressure in the market. That tends to happen as prices increase. Another thing to note is you’re starting to see some increased activity in the new home sector which should start to ease some of the pressure on the resale market.”
For more, you can read the Calgary Herald article in its entirety here.