Calgary single family home sales faltered in February, posting its first year-over-year decline since January 2012. One month doesn’t make a trend and Scotiabank commented that they “wouldn’t make too much of this one print since high volatility around seasonally low sales volumes in the dead of winter is to be expected, but it’s a potential warning sign.”
Is the warning indicator still flashing yellow or was it just a faulty reading last month? Let’s take a look at how the first week of March unfolded.
There were 328 SFH sales between March 1-7, an increase of 20 (+6.49%) from the same period last year. Although that’s slightly under the 10-year average for the first week of March, it was the best start to the month since 2007. Bear in mind that at the midpoint of February, sales were still up 6.73% y/y.
Inventory remains low with only 2,561 homes on the market compared to 3,204 last year (-20.07%) New listings are trending closer, currently down just -2.3% y/y to 553.
The luxury market was on par with last year, matching the 12 SFH that sold for $1M or more in the opening week. All twelve of the homes sold were located in different communities. The most expensive one month-to-date sold for $2,986,850 in Elbow Park.
Condo sales were also off to their best March start since 2007 with 140 units selling. That’s 1 sale above the 10 year average.
One unit at the Princeton Grand in Eau Claire sold for $1,160,000. It was originally listed for $1,349,000 last year before it was reduced a couple times. The unit previously sold in 2007 for $1,150,000.
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