Calgary Real Estate Selling Faster, For More
May 27, 2013: Calgary homes are selling faster and for higher prices in May than they were a year ago. Jim Sparrow, a REALTOR® with Royal LePage in SW Calgary commented on the numbers Monday:
"Total Calgary metro sales (houses & condos combined) were up 4.9% vs the same period last year (2,122 vs. 2,022). Single family Calgary homes have sold slightly more (+1.3%) month-to-date as they did in May 2012: 1,465 sales this year vs. 1,446 in May '12). Both the average & median sale price have increased"
Calgary House Sales (May 2013 month-to date)
Average 2013 May price MTD = $522,391 (3.7% higher than 2012's $503,513)
Median 2013 May price MTD = $458,000 (5.3% higher than 2012's $435,000)
While prices have gone up, the average number of days required to sell a Calgary house has decreased. Days on market (aka DOM) is 30 days for 2013 vs 37 days in May 2012, a 19% decrease. There are 3,362 houses currently listed for sale in metro Calgary, and at the current rate of sales this translates into just 2 months of house inventory on the market.
Calgary Condo Sales (May 2013 month-to-date)
Month-to-date there have been 657 condo sales in metro Calgary, a 14.1% increase over 2012's 576:
Average 2013 May price MTD = $325,908 (8.7% higher than 2012's $299,887)
Median 2013 May price MTD = $290,000 (7.4% higher than 2012's $270,000)
The average number of days required to sell a Calgary condo has also fallen dramatically, Average DOM for condos this month is 32 days, 29% fewer days than May 2012's 45 days.
Calgary Property Prices Up
Year-to-date sale prices for all types of Calgary properties is up significantly from the same period last year:
Average home (house) price = $514,724 (7.8% higher than 2012's $477,631)
Average condo (Apartment & townhouse) price = $315,664 (8.5% higher than 2012's $291,064)
Mr. Sparrow anticipates the active market will continue in Calgary for at least another 5 or 6 weeks until July, when Stampede and vacationing Calgarians traditionally tend to slow the market for the summer months.
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.