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Calgary Home Sales Continue to Grow

Posted by Jim Sparrow on Sunday, May 7th, 2017 at 2:02pm.

Calgary Home Sales Continue to Grow

Calgary housing market gains momentum in April

(May 03 2017): Sales were up across all Calgary property segments in April, setting the stage for the best spring market in the past three years. The job market in Calgary has turned the corner and is beginning to look stronger.

Calgary property sales increased 8.4% year over year. The city-wide benchmark price, which is CREB's combined property sale price, was slightly under 1% lower than last year ($439,600). Note - April sales would have been 4-5% higher had it not been for the Easter long weekend, which occurred in March last year.

More jobs means less uncertainty for people who are sitting on the fence. There also tends to be fewer people who need to sell when employment improves
David Brown, President CREB®

Calgary Single Family Detached Sales

Calgary detached home sales rose 6 percent last month, while the benchmark price was virtually the same as a year ago ($504,100). The average price of a detached home in Calgary rose 3.9% to $562,633.

The detached home sector has proven to be the most resilient segment of the market, with the majority of homes now having listing inventories in either seller's or balanced market conditions (see inventory link below).

Sales in the $600K to $1 million dollar range increased by 27%, while properties listed for $1 million-plus saw a 47% rise in sales (Yr/Yr).

Calgary Attached Sales

Attached home sales in Calgary rose 19 percent in April, with a benchmark price of $331,600 (down 0.9% from a year ago). The average price of an attached home in Calgary rose 7.2% to $405,815.

Attached homes represent 22% of sales in Calgary, and include duplexes and semi-detached homes as well as townhouses.

Attached sales above $400K rose 53% Yr/Yr.

Calgary Apartment Sales

While sales of Calgary apartment-condos rose 5 percent last month, the benchmark price was down 4.2% ($269,200). The average price of a Calgary apartment-condo was virtually unchanged at $302,554.

Since the downturn began, the price of Calgary apartments has fallen 12%.

The apartment sector continues to be burdened by growing listing inventory that has outpaced any increase in demand. A great market for buyer's .... not so good for seller's.

Calgary Listing Inventory

 

CREB April Market Report

 

This just released CREB® market stats video summarizes last months activity:

CREB's April Stats Video

Key influencers that shaped April’s housing market

Spring is Buying & Selling Season in Calgary

Spring has arrived and buyer's are out in force. 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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If you're looking to sell or buy, do not hesitate to contact us.

We are prepared to work hard ensuring that your needs are met and that the result is more than you were hoping for. Nothing gives us more pleasure than your success and being with you through major life changes.

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