A total of 31 single family homes sold for $1 million or more in Calgary during the month of August. That was a decrease of 6 (-16%) from July and down 1 (-3%) year-over-year.
The highest sold price was $2,700,000 shared by two properties: one located in the community of Mount Royal and the other in Lake Bonavista Estates.
Altadore/River Park had the most activity with 5 transactions.
The lone condominium sale was in Mission at The River which sold for $2,590,000.
In an interview with the Calgary Herald yesterday, Tanya Eklund, a realtor in Calgary with RE/MAX Real Estate Central stated, “Moving into the fall I see the under $1 million market continue to thrive. I do have concerns in the $2-3 million range. Talking with other industry members it seems to be quite stagnant with a plethora of inventory on and few recorded sales.”
She’s absolutely right. There were only 2 single family homes sold between $2-3 million dollars in August and there are currently 66 more for sale. At this rate it would take almost 3 years to move all that inventory.
By comparison, in the $1,000,000-$1,999,999 range there are 286 single family homes for sale which gives us an absorption rate of just under 10 months.