Calgary starts 2014 with 17% Sales Increase
(Calgary February 2, 2014) MLS® sales and prices for Calgary real estate started 2014 with the same momentum showed in 2013. Prices for Calgary homes rose 5.4%, while condos sold for 16.4% more in January. Combined sales volume rose 17%, with condo sales increasing by a whopping 33%. Calgary home sales rose 11% versus the same period last year.
Last month was the 10th consecutive month with a Yr/yr sales increase, and the highest number of sales for the month in six years (January 2008 recorded 6.3% more sales: 1,530). At the same time, the median sale price for Calgary homes ($459,900) and condos ($305,000) both set new records for the month. January marked the 31st consecutive month with year-over-year median sale price increases for Calgary homes, and the 24th consecutive month of Yr/yr price increases for Calgary condos.
Demand growth continues to be fuelled by the strong underlying fundamentals, namely elevated net migration, steady job growth and confidence in the long-term economic prospects for the city. Calgary home listing inventory is currently 20% lower than this time last year, with only 1.7 months of active listing supply (vs. 2.4 months of home inventory last year). Condo inventory is 16% lower than 2013, with 1.8 months worth of condo listing supply (vs. 2.9 months of condo inventory last year).
Demand levels are outpacing new listings in both the home & condo segments of the market. Sales to new listing ratio was 62% for homes last month (vs. 51% last January). Calgary condo sales to new listing ratio was 58% (vs. 46% a year ago)
Calgary Real Estate Market Stats January 2014
Calgary's Seller's Real Estate Market Continues ....
- The Median Calgary House Sale Price was $459,900, up 5.4% from January 2013
- The Average Calgary house sale price was $520,686, up 4.9% vs. same period last year
- The Median Calgary Condo sale price was $305,000, up 16.4% vs. same period last year
- The Average Calgary condo sale price was $339,857, up 14.4% from January 2013
- Average Days on Market (DOM) was 40 Days for Calgary homes sold vs. 47 days last year
- Average DOM for Calgary condo listings was 40 days vs. 57 days last January
- Calgary MLS® System sales for January 2014 totalled 1,440 properties, up 17.1% from last January *metro Calgary homes & condos combined*. 974 Calgary homes sold last month, 10.8% more than last January. 466 Calgary condos sold, 32.8% more than the same period last year *Sales reflect residential metro Calgary MLS® system sales only*
- Metro Calgary Real Estate listing Inventory is currently 1.7 months worth of supply, 19% fewer listings than the same time last year. Calgary home inventory is now 1.7 MOI *months of inventory* (vs. 2.5 MOI last January), while Calgary condo listing inventory is 1.8 MOI (vs. 2.9 MOI last Dec). Last month 59% of all Calgary homes & 55% of all condos listed on the Calgary MLS® System sold.
- Sales to New listing ratio was 62% (vs 51% last January) for Calgary homes
- Sales to Active listing ratio was 59% (vs 42% last January) for Calgary homes
- Sales to New listing ratio was 58% (vs 46% last January) for Calgary condos
- Sales to Active listing ratio was 55% (vs 35% last January) for Calgary condos
Calgary Luxury Property Sales
There were 41 million-dollar plus homes & condos sold on the MLS® in Calgary last month, 21% more than last year and eclipsing the previous January record of 36 set in 2007.
Five luxury homes sold for more than $2-million, with an Elbow Park home on 10th Street SW recording the highest sale price of $2,950,000. A waterfront bareland condo in Mckenzie Lake had the highest condo sale price @ $1,620,000.
SW Calgary Sales Stats
Why did SW Calgary have an 11% decrease in home sales while there was a 13% increase in condo sales (vs. January 2013 sales)? The most likely reason is that while 82% of the SW Calgary homes sold last month were for under $800,000, only 44% of active SW homes are listed for less than $800K. In other words, limited supply in the sweet spot for SW Calgary sales ($500,000 to $800,000 homes) left many buyers still looking.
The median sale price of a southwest home was up 4% year-over-year, while the uncorrected median sale price for a SW condo increased 20% vs. the same period last year.
Click the graphic below for the complete story on southwest Calgary sales, as well as a summary of 4th quarter 2013 stats .....
NW Calgary Sales Stats
Northwest Calgary saw a 23% increase in number of sales (Yr/Yr) in the residential segment of the market *NW homes and condos combined*. January 2014 uncorrected sale prices NW single-family home sector jumped 8.9% *Median sale price* . The median sale price for condominiums *apartments & townhouses* increased 7.6% vs. the same period in 2013.
Click the graphic below for the complete story on northwest Calgary sales, as well as a summary of 4th quarter 2013 stats .....
SE Calgary Sales Stats
Southeast Calgary saw residential sales volume climb 42% *SE homes and condos combined*. SE Calgary home sales rose 28%, while condo sales in the SE quadrant more than doubled with sales up 113%.
Uncorrected sale prices for January 2014 in the SE single-family home sector rose 8.1% *Median sale price*. The median sale price for SE condominiums *apartments & townhouses* rose 12.5% vs. the same period in 2013.
Click the graphic below for the complete story on southeast Calgary sales, as well as a summary of 4th quarter 2013 stats .....
Going Forward ....
Historically January has fewer new listings coming onto the market than most other month, but even so, demand growth continues to gobble up most new listings quickly. While it's a great time to sell a home or condo in Calgary, it can be a bit more challenging on the buying side. We'd suggest you contact us, or your favourite REALTOR® in Calgary if you're serious about purchasing, as new listings are sold - often in multiple-offer situations, within a day or so of being listed.
TD Economics released their housing report Monday forecasting Calgary resale property sales to grow by 5.8% in 2014 and another 2.1% on 2015. They anticipate the average sale price of a home to increase by 3.5% in 2014 and an additional 1.2% in 2015.
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.