Calgary Real Estate Market Trends
Calgary has long been considered one of the best cities in Canada to live. In the past 15 years, the strength of the area's oil & gas economy have created an incredible environment for lifestyle and real estate investment, a trend analysts expect will continue as the price of oil recovers.
While the city was not immune to the recent economic downturn, Calgary's real estate market has been more resilient to lower commodity prices than it was in the early '80's.
Despite lower sales volume, the majority of Calgary homes have seen only single digit declines in value. Property values are currently well below previous highs, but prices for the majority of detached single family homes are now seeing an increase in Benchmark price.
Oil is now trading in the $40US per barrel range, and Calgary property listings - with the exception of condos - have retuned to normal (neutral) market conditions.
If you have any questions about our current market please give us a call.
Last Month in Calgary
- October 2020 MLS® Sales Stats -
October sales activity well above long-term average
- Average Sale Price (Det SF) $554,985 (up 4.6% Yr/Yr)
- Median Sale Price (Det SF) $478,800 (down 0.5% Yr/Yr)
- Condo Average Sale Price $241,637 (down 18.9% Yr/Yr)
- Condo Median Sale Price $223,605 (down 10.0% Yr/Yr)
- Days on Market: Detached 47 days; Condos 73 days
- Detached home sales: Up 35% Yr/Yr
- Condo sales: Down 6% Yr/Yr
- Listing Inventory (Detached): 2.4 months vs 4.1 months last year
- Listing Inventory (Condos): 7.0 months vs 6.0 months last year
- 12% of Calgary homes sold for full price or more in October vs. 8% last year (detached homes)
Search for Calgary Homes:
Property Market Trend
With the slower economy, Calgary homes are now selling in about 52 days on market *October 2020*. As always, well priced properties only remain on the MLS® System a short time before they are sold, as buyers seek to close the deal with as little competition as possible.
If you're in the market for a Calgary home for sale, you definitely want to have a leg up on other buyers. Working with a member of the Jim Sparrow Team - all experienced Calgary REALTOR's - is a decision that you'll be glad you made.
Please fill out our contact form, or call 403-703-2404 for assistance. anytime you need to know more about Calgary real estate or any property that interests you. When you're ready to take the next step toward purchasing a home, we're here to help.
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