Record prices, faltering sales. It’s a combination oft repeated in the early stages of housing downturns worldwide. Scotia warned that “high volatility around seasonally low sales volumes in the dead of winter is to be expected,” but that the negative sales growth Calgary had recorded year-over-year was “a potential warning sign.”
A key measure of the health of the Calgary real estate market is how it performs during the all-important spring season.
After stumbling for the last couple months, sales in Calgary have regained some composure.
Through 3 weeks of April, single family sales are up 2.12% y/y to 1,109. When you account that sales for the last day of March were added to April due to an outage, sales are essentially flat. However, keep in mind that 2012 sales were still significantly higher than the previous 4 years.
Condo sales are definitely performing better without the need for an asterisk or footnote. In fact, month-to-date sales are the second highest they’ve been in April in over 10 years.
A main reason for the sales increase is that there’s finally more homes being listed. A sure way to hold back sales is by not having enough homes to buy. Calgary-wide, new listings are up 7.57% but inventory is still down -17.59% from this time last year.
Average and median prices are down throughout the city from March, though up considerably year-over-year. Whether the price fluctuation this month is due to sales composition or actual prices will be clearer with the release of April’s HPI.
Luxury sales have slipped from last month but are still ahead year-over-year. Jarome Iginla’s home in Elboya was listed this week for just under $4,000,000. (see pictures here)
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