August Luxury Home Sales Record Smashed

With a third of the month still remaining, Calgary luxury home sales have broken the August record set back in 2007.

Between August 1 – 19, a total of 42 homes sold for a million and above.  Even if no more high-end homes sell for the remainder of August, sales would still end up 31% y/y.

With 9 listings currently reported as C/S, that y/y increase will be padded before month-end.

Year-to-date, 502 properties have sold for $1M+ compared to 352 during the same period last year.

By the end of 2012, which was a record year itself, 544 luxury homes had sold.  If this torrid sales pace holds up, that record will be handily surpassed around the end of September or early October.

August y/y comparison

August y/y comparison

2 responses to “August Luxury Home Sales Record Smashed

  1. Hi Mike
    In any given month how many listing are there above 1 million? ie – what is the turnover of million dollar properties each month? How does it compare to the sub-million market? I would expect million plus sales to be increasing annually as each year there are more and more of them listed.

  2. Hello Carol,

    Bob Truman keeps track of absorption by price range. Although the highest price range in that chart begins at $800k plus, you can see that luxury homes don’t ever move as quick as the sub-million market.

    Having more listings doesn’t directly translate into more sales though.

    In 2007, there were 1242 new luxury listings and 458 sales. The following year, new listings surged to 1611 but luxury sales fell to 369.

    In 2012, we had 1532 new listings of SFH & Condos of $1M+ and ended up with 544 sales.

    So while you’re correct in assuming that having more inventory could result in more sales, that always isn’t the case.

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