Sneak Peak Of The Week Ahead (March 2013)

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.

Calgary Townhomes

  • 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.

Calgary Condo-Apartments

  • 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.

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