(Calgary - October 2013): The Calgary real estate market continues its strong growth in the first half of October recording increases in sales and prices in all property categories. Low listing inventory levels in both the home & condominium sectors has resulted in tight market conditions and higher prices.
Calgary's population increased by nearly 30,000 people last year, and the growth rate in 2013 will likely be significantly higher than 2012's 2.6%. The city has become one of the leading economic engines of the country, offering high-paying jobs for people with a variety of backgrounds. Calgary continues to enjoy the Alberta advantage - a reasonable cost of living, clean air, no provincial sales tax and unlimited potential for those willing to work hard.
There were 960 properties sold in metro Calgary (city of Calgary only) in the first 15 days of October, 24% more than were sold in the same period last year.
Calgary Home Sales
Calgary home sales were up 23% in the first half of October vs 2012 (672 vs 545). Home sales have accounted for 70% of the metro sales.
- Average Calgary home sale price: $526,848, 7.3% higher than 2012's $491,045
- Median Calgary home sale price: $462,750, 7.1% higher than 2012's $432,000
- Average days on market (DOM) for single family Calgary homes was 39 days (vs 42 days last October)
Calgary Condo Sales
Calgary condo sales were up 26% in the first half of October vs 2012 (288 vs 229). Condo sales accounted for 30% of the metro sales.
- Average Calgary condo sale price: $334,543, 8.9% higher than 2012's $307,326
- Median Calgary condo sale price: $290,000, 5.3% higher than 2012's $275,500
- Average days on market (DOM) for Calgary condos was 48 days (vs 52 days last October)
Total Calgary metro sales year-to-date are 19,618, 10.2% higher than the same period last year (YTD 2012). YTD sales for 2013 are 15% higher than the 10 year YTD average (17,250).
Calgary home sales: 13,684, 7.4% ahead of the YTD number last year, 15% higher than 10 year YTD average (12,112)
Average Calgary home sale price YTD: $518,115, 8.1% higher than the 2012 YTD figure.
Median Calgary home sale price YTD: $449,500, 7.0% higher than last years number for the same period.
Calgary condo sales: 5,934, 17.2% ahead of the YTD number last year, 16% higher than 10 year YTD average (5,199)
Average Calgary condo sale price YTD: $316,508, 6.8% higher than the 2012 YTD figure.
Median Calgary condo sale price YTD: $282,000, 5.2% higher than last years number for the same period.
Calgary Luxury Property Sales
There were 33 luxury property sales *one million dollars or more* in the period October 1st thru 15th, 27% more than the same period last year. 28 million dollar-plus homes sold in the period - 17% higher than last years 24, while there were 5 Calgary condos that sold for in excess of the million dollar mark - 150% higher than 2012's 2 recorded sales.
Luxury home & condos sales now total 616, 42% more than the same year-to-date period in 2012. The neighbourhood of Elbow Park-Glencoe has the highest number of million-dollar-plus sales YTD, with 46 recorded homes sold as of October 15th.
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.