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.

New listings in March were five per cent lower than levels recorded in 2012, and five per cent lower after the first quarter, it said.

“While market conditions are a far cry from activity witnessed throughout the frenzy in 2006 and 2007, there has been a noticeable change over what became the norm over the past few years.” Walters said.

Ann-Marie Laurie, CREB’s chief economist, said new single-family listings under $500,000 are declining at double-digit rates, driving consumers at that price point to either surrounding towns, condominiums or the new home market.

A total of 1,480 single-family homes were sold in Calgary in March, down six per cent from 1,575 in March of 2012.

Condo sales were down two per cent at 347 units and 283 townhouses were sold, up by a fifth from 235 in the same month of 2012.

dhealing@calgaryherald.com