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Calgary May Sales Set All Time Record

Posted by Jim Sparrow on Monday, June 9th, 2014 at 4:33pm.

Calgary Real Estate: May Review

Calgary real estate stats: May 2014

 May was another big month for the Calgary real estate market, with a record number of home and condo sales in the city.

In addition, while the number of home listings is nearly 12% lower than the same time last year, listing inventory for homes has finally started to increase. This is expected to continue through the summer months. Listing inventory for Calgary condos is now 10% higher than last June.

Demand for Calgary property continues to be stronger than anything seen since 2006, with the highest demand seen in homes priced under $700,000 and condos listed for under $500,000 (less than 2 months of listings). *See Figure 1 & 2 below*

Ann-Marie Lurie, chief economist with the Calgary Real Estate Board, said "strong sales activity is a reflection of improving fundamental conditions such as a growing population, favourable lending rates and rising wages".

 

May 2014 Calgary Property Sales Summary

Figure 1: May Sales
Calgary HomesMay 2014May 2013Change
Calgary Home Sales 2,027 1,760 +15%
Calgary Home Median Sale Price $490,000 $452,500 + 8%
Calgary Home Average Sale Price $554,828 $521,791 + 6%
SF Home Days on Market (DOM) 26 days 30 days -13%
SF Home Listings (Inventory) 2,919 3,311 -12%
SF Home Listing Inventory (Months) 1.4 months 1.9 months -0.5 mths
Calgary Condos      
Condo Sales 922 776 +19%
Condo Median Sale Price $311,750 $287,000 + 9%
Condo Average Sale Price $336,620 $324,579 + 4%
Condo Days on Market (DOM) 31 days 34 days - 9%
Condo Listings (Inventory) 1,580 1,432 +10%
Condo Listing Inventory (Months) 1.7 months 2.0 months -0.3 mths
Combined Metro Calgary      
Total Calgary Sales 2,949 2,536 +16%
Total Calgary Listings (Inventory) 4,499 4,743 - 5%
Total Calgary Listings Inventory (Months) 1.5 months 1.9 months -0.4 mths

Market Highlights

Combined sales for homes and condominiums in metro Calgary was 16% higher than May 2013, while combined listing inventory is now only 5% lower than last year. The absorbtion rate at months end, otherwise know as MOI *months of inventory* was 1.5 months [1.4 months for homes, 1.7 months for condos].

Calgary Home Sales for May 2014

  • Calgary home sales were 15% higher over the period (Yr/Yr)
  • The median sale price of Calgary homes rose 9% while the average sale price rose 6%
  • Days on market for Calgary homes was 26 days vs. 30 days last year
  • Listing inventory for Calgary homes is now 12% lower than last year
  • Listing inventory for Calgary homes is now 1.4 months vs. 1.9 months last year

Calgary Condo Sales for May 2014

  • Calgary condo sales were 19% higher over the period (Yr/Yr)
  • The median sale price of Calgary condos rose 9% while the average sale price rose 4%
  • Days on market for Calgary condos was 31 days vs. 34 days last year
  • Listing inventory for Calgary condos is now 10% higher than last year
  • Listing inventory for Calgary condos is now 1.7 months vs. 2.0 months last year

Calgary Sales vs. Price Range: May 2014

Buying or selling a home or condo in Calgary? Sales and listing inventories vary dramatically depending on price range. The combined listing inventory for homes & condos at the end of May was 1.5 months, but varies significantly depending the property segment and price range. *See Figures 2-5 below*

Home Sales vs. Price Range: May 2014

Figure 2: May 2014 Home Sales *Listing Inventory from June 7/14*
PriceActive Listings% Total ListingsSales% Total SalesMonths of Listings
Under $400K 524 17% 490 24% 1.1 Months
$400K - $500K 606 19% 574 28% 1.1 Months
$500K - $600K 516 17% 379 19% 1.4 Months
$600K - $700K 351 11% 228 11% 1.5 Months
$700K - $800K 290 9% 141 7% 2.1 Months
$800K - $1 Mil 345 11% 126 6% 2.7 Months
$1 Mil - $1.5 Mil 266 9% 66 3% 4.0 Months
$1.5 Mil - $ 2.0 Mil 113 4% 16 0.8% 7.1 Months
Over $2.0 Million 113 4% 8 0.4% 14.1 Months
Totals 3,124 100% 2,028 100% 1.5 Months

 

Figure 3: May 2014 Home Sales #2 *Listing Inventory from June 7/14*
PriceActive Listings% Total ListingsSales% Total SalesMonths of Listings
Under $600K 859 45% 897 72% 1.1 Months
$600K - $1 Million 671 35% 282 23% 2.0 Months
Over $1 Million 367 19% 60 5% 5.5 Months

The supply of listings is lowest for Calgary homes up to $600,000, which accounted for 71% of all sales in the city last month. Homes in the over $1,000,000 range have listing inventory levels ranging from 4 to 14 months.

The shortage of home listings has resulted in many homes selling for close to or over list price. Over 30% of all May home sales were for list price or more. The average sale price for a Calgary home was only 1.2% less than list price in May. Homes priced under $600,000 had an average sale price of less than 1% less than list price:

  • Sale Price to list price ratio for homes under $600,000: 99.1%
  • Sale Price to list price ratio for homes $600,000 to $1,000,000: 99.0%
  • Sale Price to list price ratio for homes over $1,000,000: 97.2%

Condo Sales vs. Price Range: May 2014

Figure 4: May 2014 Condo Sales *Listing Inventory from June 7/14*
PriceActive Listings% Total ListingsSales% Total SalesMonths of Listings
Under $200K 75 4% 51 6% 1.5 Months
$200K - $300K 669 40% 364 39% 1.8 Months
$300K - $400K 403 24% 320 35% 1.3 Months
$400K - $500K 197 12% 114 12% 1.7 Months
$500K - $600K 128 8% 36 4% 3.6 Months
$600K - $700K 85 5% 14 1.5% 6.1 Months
$700K - $1.0 Mil 66 4% 19 2.1% 3.5 Months
Over $1.0 Million 60 4% 4 0.4% 15.0 Months
Totals 1,683 100% 922 100% 1.8 Months

 

Figure 5: May 2014 Condo Sales #2 *Listing Inventory from June 7/14*
PriceActive Listings% Total ListingsSales% Total SalesMonths of Listings
Under $400K 1,147 68% 735 80% 1.6 Months
$400K - $700K 410 24% 164 18% 2.5 Months
Over $700K 126 7% 23 2% 5.5 Months

Listing supply pressure isn't quite as strong in the condo segment as it is with homes, but still exists. Last month just over 20% of all condo sales in Calgary sold for list price or more. As with homes, the sale price to list price ratio varied with price bracket:

  • Sale Price to list price ratio for condos under $400,000: 98.4%
  • Sale Price to list price ratio for condos $400,000 to $700,000: 98.5%
  • Sale Price to list price ratio for condos over $700,000: 97.1%

Year-to-date Sales Comparison

2014 has recorded the highest number of sales year-to-date since 2007, with combined YTD sales to end of May 12.6% higher than the same period last year. YTD median and average sale price for both Calgary homes and condos are up significantly in the first five months of 2014:

  • Calgary home sales YTD up 9.6% vs 2013 (7,667 vs 6,993)
  • Calgary condo sales YTD up 19.4% vs 2013 (3,610 vs 3,024)
  • Median Calgary home sale price YTD up 7.5% vs 2013 ($482,500 vs $449,000)
  • Average Calgary home sale price YTD up 6.6% vs 2013 ($548,538 vs $514,594)
  • Median Calgary condo sale price YTD up 11.5% vs 2013 ($310,000 vs $278,000)
  • Average Calgary condo sale price YTD up 6.6% vs 2013 ($336,688 vs $315,958)

SW Calgary Sales Stats

Home sales in SW Calgary rose 11% in May vs the same period in 2013, while SW condo sales jumped by 24%. Combined, SW Calgary property sales were up by 16%.

The median sale price of a SW Calgary home was 10% higher. Condo median price rose by 4%.

Click the banner below below for the complete May 2014 SW Calgary sales stats, as well as 1st Quarter 2014 SW Calgary sales stats.

Southwest Calgary real estate sales stats

NW Calgary Sales Stats

NW Calgary home and condo sales rose 10.8% in May vs the same period last year *combined*. Sales of NW homes increased 7%, while NW condo sales were up 23.5%.

The median sale price for NW condos increased 12.8% year-over-year, and the median price of NW homes rose 9.6%.

Click the banner below below for the complete May 2014 NW Calgary sales stats, as well as 1st Quarter 2014 NW Calgarysales stats.

Northwest Calgary real estate sales stats

SE Calgary Sales Stats

SE Calgary saw a sales increase of 22.5% in May vs the same period in 2013 *combined home & condo sales*. SE Calgary home sales rose 21%, while condo sales in SE Calgary jumped nearly 28% year-over-year.

The median sale price of SE homes rose by 9% while condo median price was up by 5.5% over last May.

Click the banner below below for the complete May 2014 SE Calgary sales stats, as well as 1st Quarter 2014 sales stats.

Southeast Calgary real estate sales stats

 

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.

2 Responses to "Calgary May Sales Set All Time Record"

Paul W wrote: Wow - as they say the devil is in the details. Are there really 113 homes listed for sale for more than $2 million dollars?

Posted on Tuesday, June 10th, 2014 at 7:25am.

Jim Sparrow wrote: Paul - In fact there are 117 Calgary homes listed for sale for $2Mil or more: http://goo.gl/qbtsXV
You can search for all listings in various price ranges using our SEARCH ALL CALGARY LISTINGS and enter minimum price of $2Mil
http://www.jimsparrow.com/idx/

Posted on Tuesday, June 10th, 2014 at 7:39am.

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