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Calgary Real Estate Prices Eclipse Record Highs

Posted by Jim Sparrow on Tuesday, April 1st, 2014 at 1:40pm.

Calgary Real Estate: March Update

Calgary real estate stats: March 2014

 Calgary's real estate market recorded yet another record month in March, with sale numbers & prices up in all segments. 

CREB®'s chief economist Ann-Marie Lurie says the continued growth in the Calgary real estate market is a result of "the inflow of people to our province over the past 2 years combined with strong gains in employment and tight rental conditions".

Demand for property continues to be stronger than anything seen in seven years, and present listing inventory levels are lower than at anytime since 2006.

 

 

March 2014 Calgary Home & Condo Sales

 Calgary HomesMarch 2014 March 2013 Change 
 Calgary Home Sales  1,704  1,481  +15% 
 Calgary Home Median Sale Price  $490,000  $450,000  + 9% 
 Calgary Home Average Sale Price  $556,368  $518,707  + 7% 
 SF Home Days on Market (DOM)  27 days  33 days  -18% 
 SF Home Listings (Inventory)  2,053  2,727  -25% 
 SF Home Listing Inventory (Months)  1.2 months  1.8 months  -0.6 mths 
 Calgary Condos      
 Condo Sales  789  629  +25% 
 Condo Median Sale Price  $310,000  $278,000  +12% 
 Condo Average Sale Price  $330,383  $325,763  + 1% 
 Condo Days on Market (DOM)  29 days  39 days  -26% 
 Condo Listings (Inventory)  1,184  1,280  - 8% 
 Condo Listing Inventory (Months)  1.5 months  2.0 months  -0.5 mths 
 Combined Metro Calgary      
 Total Calgary Sales  2,493  2,110  +18% 
 Total Calgary Listings (Inventory)  3,237  4,007  -19% 
 Total Calgary Listings Inventory (Months)  1.3 months  1.9 months  -0.6 mths 

Market Highlights

Combined sales for homes and condominiums in metro Calgary was 18% higher than March 2013, while current listing inventory has shrunk 19%. The absorbtion rate, otherwise know as MOI *months of inventory* is now 1.3 months [1.2 months for homes, 1.5 months for condos]. 

Calgary Home Sales for March 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 7%
  • Days on market for Calgary homes was 27 days vs. 33 days last year
  • Listing inventory for Calgary homes is now 25% lower than last year
  • Listing inventory for Calgary homes has fallen to just 1.2 months vs. 1.8 months last year

Calgary Condo Sales for March 2014

  • Calgary condo sales were 25% higher over the period (Yr/Yr)
  • The median sale price of Calgary condos rose 12% while the average sale price rose 1%
  • Days on market for Calgary condos was 29 day vs. 39 days last year
  • Listing inventory for Calgary condos is now 8% lower than last year
  • Listing inventory for Calgary condos has dropped to 1.5 months vs. 2.0 months last year

Calgary Sales By Price: March 2014

If you're buying or selling a home or condo in Calgary, take a look at the sales and listing inventories for various price brackets in the city. Listing inventory for homes & condos is 1.3 months combined, but varies significantly depending the property segment and the price range in which you're looking to purchase or to sell.

Calgary Home Sales March 2014

PriceActive Listings% Total Listings  Sales% Total SalesMonths of Listings
Under $400K  272  13%  422  25%  0.6 Months
 $400K - $500K  320  16%  462  27%  0.7 Months
 $500K - $600K  353  17%  319  19%  1.1 Months
 $600K - $700K  265  13%  191  11%  1.4 Months
 $700K - $800K  214  10% 122   7%  1.8 Months
 $800K - $1 Mil  237  12%  113   7%  2.1 Months
 $1 Mil - $1.5 Mil  203  10%    56   3%  3.6 Months
 $1.5 Mil - $ 2.0 Mil    93   5%    11 0.6%  8.5 Months
 Over $2.0 Million    96   5%      8 0.5%  12.0 Months
 Totals  2,053  100%  1,704  100%  1.2 Months

The short supply Calgary home listings has driven prices to new highs. Moreover, new listings of single family properties is not expected to outpace demand, which will result in further price increases through the spring market.

The supply of listings is smallest for Calgary homes up to $600,000, which accounts for 71% of all sales in the city, whereas homes in the over $1,000,000 range have inventory levels ranging from 3.6 months to 1 year.

The listing supply shortage has resulted in many homes selling for close to or over list price. 34% of all home sales in March sold for list price or more.  The average sale price for all Calgary homes sold in March was just 1.3% less than list price, but was even higher in some price brackets:

  • Sale Price to list price ratio for homes under $600,000: 99.2%
  • Sale Price to list price ratio for homes $600,000 to $1,000,000: 98.9%
  • Sale Price to list price ratio for homes over $1,000,000: 95.8%
Calgary Listing Inventory vs Sales March 2014

 

 

Calgary Condo Sales March 2014

PriceActive Listings% Total ListingsSales% Total SalesMonths of Listings
Under $200K   45  4%   45  6%  1.0 Months
 $200K - $300K  462  39%  319  40%  1.4 Months
 $300K - $400K  317  27%  264  33%  1.2 Months
 $400K - $500K  130  11%  109  14%  1.2 Months
 $500K - $600K    70   6%    33   4%  2.1 Months
 $600K - $700K    41   3%     6    1%  6.8 Months
 $700K - $1.0 Mil    71   6%     9    1%  7.9 Months
 Over $1.0 Million    48   4%     4   0.5% 12.0 Months
 Totals  1,184  100%  789  100%  1.5 Months

Condos in Calgary listed for under $400,000, which account for 80% of all sales, are in the shortest supply with a combined inventory level of only 1.3 months, while condos in the over $700,000 price level (2% of sales) have an listing inventory of over 9 months.

Listing supply pressure in the condo segment isn't quite as bad as it is with homes, but still exists. Last month 25% 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: 98.5%
  • Sale Price to list price ratio for condos $400,000 to $700,000: 98.9%
  • Sale Price to list price ratio for homes under $600,000: 97.4%

SW Calgary Sales Stats

SW Calgary recorded a 7% increase in March property sales Yr/Yr, primarily due to an 11% increase in SW condo sales. The median sale price for a Southwest (SW) Calgary home was $633,000 in March, up 15% Yr/Yr, while the Southwest condo median price rose 13% to $335,000.

The average price of a home in Southwest Calgary set at all time record at $714,064.

Click the graphic below for the complete story on the southwest Calgary sales for March 2014 as well as a summary of the 1st quarter 2014 stats .....

Southwest Calgary real estate sales stats 

NW Calgary Sales Stats

Northwest Calgary saw an 18% increase in the total number of sales (Yr/Yr) in the residential segment of the market *NW homes and condos combined*. NW Calgary home sales increased 8.5%, while NW condo sales jumped 53% vs March 2013.

The uncorrected sale prices NW single-family home sector rose 11% *Median sale price*. The median sale price for condominiums in Northwest Calgary increased 9% vs. the same period in 2013 *apartments & townhouses*.

Click the graphic below for the complete story on northwest Calgary sales in March, as well as a summary of 1st quarter 2014 stats .....

Northwest Calgary real estate sales stats

SE Calgary Sales Stats

Sales of Southeast Calgary residential property climbed 11% in March *SE homes and condos combined*. SE Calgary home sales increased 21%, while condo sales in the SE quadrant were up by 14%.

Uncorrected sale prices for February 2014 in the SE single-family home sector were up 11% *Median sale price*. The median sale price for SE condominiums *apartments & townhouses* rose 17% vs. the same period in 2013.

Click the graphic below for the complete story on southeast Calgary sales in March 2014, as well as a summary of 1st quarter 2014 stats .....

Southeast Calgary real estate sales stats

View the NEWEST Calgary Real Estate Listings, updated each day for the entire city. Also visit our Southwest, Northwest or Southeast new listing pages. New Condo Listings can also be viewed.

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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