Single family home sales in the first two weeks of June were up 16.34% year-over-year. Compared to last month, sales were up 2.5% during the same time period.
Luxury Sales Slowing
Month-to-date in June, only 22 single family homes have sold for $1 million or more. I say “only” because that figure was at 36 this time last month and at 23 last June.
The decline in luxury sales is most notably reflected in the current average price of $491,339. While that’s good enough for an increase of 1.87% y/y, it’s down -2.75% from last month. However, the median price is currently at a near-peak high of $432,000.
The most active communities so far this month have been Coventry Hills and Cranston both with 19 single family home sales each, followed by Tuscany, Panorama Hills, and McKenzie Towne all with 16. Arbour Lake is next with 15 sales, however the available inventory there is less than half of the others.
From BMO’s research note out today:
Calgary is awakening from a 3-to-4 year slumber with sales surging 34.4% in the past year, and average prices within a hair of record levels seen in 2007 as supply conditions have tightened across Alberta.
Before declaring victory in Calgary though, note that the more representative House Price Index (which accounts for dwelling type, quality, etc.) was still about 10% below peak levels in April—May figures are expected next week
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