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Alberta real estate sales increased in 2007

Alberta ended 2007 with $25.5 billion in residential MLS sales, up 19.9 per cent compared with 2006, according to a report released Monday by the Canadian Real Estate Association.

The report also said that overall sales were down by 3.9 per cent last year from a year ago to 71,430 units but the average sale price increased by 24.8 per cent to $356,235. New listings also had a 32.9 per cent hike for the year to 124,933.

In December, though, the real estate market dipped in Alberta. Total dollar volume was down 15.6 per cent compared with December 2006 to $1.1 billion and total sales were off 24.3 per cent to 3,049 units. The average sale price, however, increased by 11.5 per cent to $354,290 while new listings also increased by 16.1 per cent to 4,192 units.

CREA said national MLS resale housing activity, new listings, average price and dollar volume all reached their highest annual levels ever in 2007. Annual sales activity totaled 520,747 units in 2007, up 7.6 per cent from 2006 levels. This was the largest annual sales growth since 2002, and the first time transactions via the MLS systems of real estate boards in Canada have surpassed 500,000 units sold in one year.

Nationally, total dollar volume hit $160 billion, an increase of 19.4 per cent from 2006 while average sale prices rose by 11 per cent to $307,265. New listings also increased by 5.5 per cent to 845,954.

Across the country in December, total dollar volume increased by 9.3 per cent from December 2006 to $7.6 billion, sales decreased by 4.2 per cent to 23,857 units, the average sale price was up by 14.1 per cent to $317,825, and new listings dropped by 1.5 per cent to 28,834 units.

The national average sale price was a new record and the largest year-over-year price increase in almost 20 years.