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Listing Shortage Drives Calgary Market to New Highs

Posted by Jim Sparrow on Saturday, March 1st, 2014 at 8:33pm.

February Sees Continuing Seller's Market in Calgary

Calgary real estate stats: February 2014

 (Calgary March 1, 2014) Low listing inventory continued to put pressure on Calgary property prices in February, resulting in double digit increases in both home and condo prices. Buyers are desperate in price ranges under $600,000, where listing inventory is now only 1 month. 21% of all Calgary homes sales in February sold for over list price as property listing inventory fell 19% below levels seen same time last year.

Prices for Calgary homes rose 10% vs a year ago, while condos sold for 15% more in February. Combined home & condo sales volume rose 9%, with condo sales increasing by 25% while homes sales were up 2% versus February 2013.

February was the 11th consecutive month with a Yr/Yr sales increase, and the highest number of sales for the month in seven years (February 2007 recorded 52% more sales: 2,833). Once again the median sale price for Calgary homes ($480,00) and condos ($315,000) both set new records for the month. February was the 32nd consecutive month with year-over-year median sale price increases for Calgary homes, and the 25th consecutive month of Yr/Yr price increases for Calgary condos.

Calgary Home & Condo Sales: February 2014

 Calgary HomesFebruary 2014 February 2013 Change 
 Calgary Home Sales  1,238  1,207  + 2% 
 Calgary Home Median Sale Price  $480,000  $437,500  +10% 
 Calgary Home Average Sale Price  $549,372  $518,479  + 6% 
 SF Home Days on Market (DOM)  29 days  36 days  -19% 
 SF Home Listings (Inventory)  1,879  2,404  -21% 
 SF Home Listing Inventory (Months)  1.5 months  2.0 months  -0.5 mths 
 Calgary Condos      
 Condo Sales  625  500  +25% 
 Condo Median Sale Price  $315,000  $275,000  +15% 
 Condo Average Sale Price  $348,994  $309,376  +13% 
 Condo Days on Market (DOM)  30 days  41 days  -27% 
 Condo Listings (Inventory)  1,002  1,131  -11% 
 Condo Listing Inventory (Months)  1.6 months  2.3 months  -0.7 mths 
 Combined Metro Calgary      
 Total Calgary Sales  1,863  1,707  + 9% 
 Total Calgary Listings (Inventory)  2,851  3,535  -19% 
 Total Calgary Listings Inventory (Months)  1.5 months  2.1 months  -0.6 mths 

Sales in both the home & condo segments of the Calgary market increased over last year as positive employment numbers and migration continued to support strong demand. Condo sales jumped 25%, while home sales rose 3% vs 2013. With both the home & condo listing inventories *number of active listings* continuing to fall, buyers are paying more for Calgary property. Unless seller's shift and bring additional property onto the market, tight conditions will continue.

Calgary Home Sales: February 2014

PriceActive Listings% Total ListingsSales% Total SalesMonths of Listings
Under $400K  251  13%  334  27%  0.8 Months
 $400K - $500K  318  17%  340  27%  0.9 Months
 $500K - $600K  290  15%  223  18%  1.3 Months
 $600K - $700K  257  14%  140  11%  1.8 Months
 $700K - $800K  207  11%  76  6%  2.7 Months
 $800K - $1 Mil  207  11%  66  5%  3.1 Months
 $1 Mil - $1.5 Mil  195  10%  40  3%  4.9 Months
 $1.5 Mil - $ 2.0 Mil  72  4%  14  1%  5.1 Months
 Over $2.0 Million  100  5%  6  0.5%  16.7 Months
 Totals  1,897  100%  1,239  100%  1.5 Months

Calgary home sales in various price ranges clearly show where the demand pressure lies: homes under $600,000 are in highest demand while those over $1 million have far more listings.

Metro Calgary combined active MLS® listings is 1,897. The absorbtion rate aka listing inventory is only 1.5 months, which likely will shrink in the spring unless the number of new listings increases or demand falls.

Limited listing inventory is having an impact on the number of Calgary home sales - there are more buyers than sellers in the current market and home sales would have been significantly higher had there been more homes available for sale.

Sales By Price Range: February 2014

PriceActive Listings% Total ListingsSales% Total SalesMonths of Listings
 Under $600K  859  45%  897  72%  1.0 Months
 $600K - $1 Million  671  35%  282  23%  2.4 Months
 Over $1 Million  367  19% 60  5%  6.1 Months

72% of all Calgary homes sales in February sold for $600,000 or less, and yet only 45% of the available home listings are in this price range. With only 1.0 month of listing inventory - seller's can ask and sell their properties for more. The average days on market for homes under $600,000 was 26 days last month (median DOM was 15 days).

The $600,000 to $1 million dollar range has 2.4 months of listing inventory, and well-priced home coming onto market sell quickly and often with multiple offers. In this price range 23% of the sales are looking at 35% of the active listing inventory. The average days on market for homes sold for between $600,000 - $1,000,000 was 35 days last month (median DOM was 21 days).

The luxury listing inventory (over $1 million dollars) accounts for only 5% of total home sales, yet 19% of active Calgary MLS® system listings are in this price range. Homes & condos selling for more than $1 million generally have more room for price negotiation than the lower price ranges, although several well-priced luxury homes sold quickly for over list price last month. The average days on market for homes sold for $1,000,000 or more was 46 days last month (median DOM was 22 days).

If you're a buyer in this market, you need to be working with a REALTOR® who can show you new listings the day they come onto the market. Contact us for help.

Calgary Condo Sales: February 2014

PriceActive Listings% Total ListingsSales% Total SalesMonths of Listings
Under $200K  47  4%  35  6%  1.3 Months
 $200K - $300K  401  37%  234  38%  1.7 Months
 $300K - $400K  287  26%  217  35%  1.3 Months
 $400K - $500K  137  13%  73  12%  1.9 Months
 $500K - $600K  65  6%  27  4%  2.4 Months
 $600K - $700K  41  4%  16  3%  2.6 Months
 $700K - $1.0 Mil  65  6%  16  3%  4.1 Months
 Over $1.0 Million  48  4%  6  1%  8.0 Months
 Totals  1,091  100%  624  100%  1.7 Months

78% of all Calgary condos sold last month were in the under $400,000 range, which currently has only 1.5 months of listing inventory.

19% of all condo sales were the $400,000 - $700,000 price range, which currently has 2.1 months of active listings.

Only 4% of condos sold in February went for $700,000 or more. There are 113 Calgary condos currently listed for $700K or more, or 5.1 months of inventory.

Calgary Luxury Property Sales

66 million-dollar plus homes & condos sold on the MLS® in Calgary last month, eclipsing the previous February record set last year (63 luxury sales).

Six luxury homes sold for more than $2-million, three for more than $3 million dollars. An Elbow Park home on 9th Street SW recorded the highest sale price of $3,935,000, while a Mission condo on 26th Avenue SW recorded the highest condo sale price at $1,775,000.

SW Calgary Sales Stats

SW Calgary recorded a 13% increase in February property sales vs. last year, largely on the back of a 25% increase in SW condo sales. The median sale price for a Southwest (SW) Calgary home was $601,000 in February, up 9% Yr/Yr, while the SW condo median price rose 12% to $303,000.

Click the graphic below for the complete story on the southwest Calgary sales for February as well as a summary of 4th quarter 2013 stats .....

Southwest Calgary real estate sales stats 

NW Calgary Sales Stats

Northwest Calgary saw a 3% decrease in the total number of sales (Yr/Yr) in the residential segment of the market *NW homes and condos combined*. NW Calgary home sales dropped 10%, while NW condo sales rose 23% vs February 2014.

At the same time uncorrected sale prices NW single-family home sector jumped 15% *Median sale price*. The median sale price for condominiums *apartments & townhouses* increased 11% vs. the same period in 2013.

Click the graphic below for the complete story on northwest Calgary sales in February, as well as a summary of 4th quarter 2013 stats .....

Northwest Calgary real estate sales stats

SE Calgary Sales Stats

Southeast Calgary saw residential sales volume climb 11% *SE homes and condos combined*. SE Calgary home sales rose 13%, while condo sales in the SE quadrant were up by 6%.

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

Click the graphic below for the complete story on southeast Calgary sales in February, as well as a summary of 4th quarter 2013 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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