Calgary Home Sales Continue to Show Strength
(April 15 2017): Calgary home sales continue to show strength in mid-April, outpacing 2016 sales by almost 20%. The detached home sector, which accounts for 2/3's of Calgary's overall sales, bottomed out last year and prices are on track to rise 2 - 3% this year. It's not the 30% increase that Toronto home owners are seeing, but Calgarians will take it.
Sales of detached homes to mid-April are 19% higher than 2016 as the correction continues to take strength. The listing inventory is 24% below last years levels. In some price points, demand has caused the number listings to fall below balance and into a seller's market. Homes priced under $500,000 have only 1.5 months of inventory, meaning half of the sector is in a Seller's market. 16% of detached sales in April have been for list price or more.
The same can't be said for the apartment sector, which continues to face challenges. Apartments haven't seen the same type of demand recovery, and the listing inventory continues to grow. Most of the Calgary apartment sector has inventory levels that exceed 5 months, which indicates a continued Buyer's market.
For updated listing inventory numbers, please visit our Calgary Listing Inventory page
1st quarter of this year we really began to see a transition in the market where activity - specifically in the detached home sector - return to more balanced levels
Ann-Marie Lurie, Chief Economist CREB®
This just released CREB® market stats video summarizes last months activity:
Calgary Real Estate Board March Stats Report
Spring is Selling Season in Calgary
Spring has arrived and buyer's are out in force. With sales up 20% vs last year, if you're thinking of buying or selling your home now is the time to contact us. Contact us or give us a call anytime @ 403-703-2404
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Jim Sparrow sells Calgary Real Estate with Royal LePage & specializes in South Calgary and luxury homes. Browse through our Living in Calgary blog, view current listings, and when you have questions, simply email, or page me directly at Royal LePage Solutions 403.252.5900.