Today is not only the last day of the month but also of Q1 2013. There will be a lot of data and trends to look through in the upcoming days so I wanted to get a jump on things. Here’s a snippet of what you’ll be reading in the week to come:
Calgary Luxury Home Market
- 74 homes have sold for over a $1M+ MTD. That’s the second highest total recorded after May 2012’s 80.
- There have been 15 luxury condo sales MTD. Previously, the monthly record was 7.
- More luxury condos have sold in March than the first 5+ months of 2012 (January – June 7, 2012)
- Year-t0-date, overall luxury sales are up +50% y/y.
Calgary Single Family Home Sales
- Barring an unlikely Sunday surge: sales will fall y/y for the second straight month in March (currently down -3.78%)
- Sales might also be down on a quarterly basis y/y (currently down -0.47%)
- The average price is currently $518,365. The record average price was set last month: $518,479. It’s going to be close.
- The median price will set an all-time record as it sits at $450,000. The previous high was set in June 2007 at $438,000.
- What’s the next best thing when prices become unaffordable for those looking for single family homes? Townhomes. They are the most improved market segment showing a 22% increase y/y in March. Actually, today townhomes are the only segment showing a March y/y increase in sales, period.
- It looks like Townhomes will hit a new average price peak this month. It’s currently at $355,453. May 2007 holds the record at $351,868
- How much have luxury sales impacted the average price? MTD the median is still below $300k. For nearly all of 2007 and early 2008, the median was above $300k and hit a high of $328,400 in April 2007.
- After posting a 13% y/y increase in February, sales have flat-lined in March.
- Prices are nowhere near peak levels for both average or median but will be showing positive y/y growth of about 10% and 4% respectively
Overall inventory is still down -20% year-over-year with new listings still slow.
Check back tomorrow and the days to come for more in-depth statistics and analysis of the Calgary, Chestermere and Airdrie real estate markets.