Coming down the homestretch, we’re getting a clearer picture of what to expect for the September month-end housing figures.
Sales this month will likely be the 2nd best September on record. Year-over-year MTD sales are up 16.72% but about -7% off 2005’s pace.
Single family homes will set record prices for the month. September’s peak was back in 2007 with an average price of $469,367 and a median of $421,000.
Currently, average prices are up 9% and the median is up nearly 7% from September 2007’s month-end figures.
Peak-to-trough in September, average prices only fell -5% (2007 to 2008) while the median fell -7.4% (2007-2010)
Since those troughs, both the average and median price have rebounded by +15% if current prices hold to the end of the month. (You can download CREB’s 10-year historical prices here )
Calgary’s Luxury Home Market
With 42 sales MTD, it’s looking like September will be the 8th consecutive month a luxury sales record has been broken. Going back to last October, only January interrupted the string of monthly records.
The September total to beat is 44 from 2011.
Let’s recap just how well Calgary’s luxury market has been performing over the past year.
Earlier this month, 2012’s all-time annual sales record was left in the rear view mirror when the 545th luxury home sold.
In August, two new records were set: one for the most high-end sales in a single day and for the month of August.
Calgary’s luxury market posted another monthly record in July as sales surged 74% y/y, surpassing the previous July record set back in 2007.
Two more luxury records were set back in June: the most sales for the month and most expensive Calgary MLS sale ever. A Crescent Heights home sold for $11.1M
The $1M+ market climbed to a new high in May, breaking the all-time monthly sales record with 83 properties changing hands.
Jarome Iginla sold his $3.995 million Elboya home after only a day on the market back in April. A total of 64 homes sold for a million dollars or more that month, a 38% hike year-over-year and once again, a new high for the month.
While Calgary’s overall housing market posted a second straight month of negative sales growth y/y in March, activity at the high end of the market continued to boom with 74 homes selling for $1M+. That was the highest March level recorded. A second record that month was the number of million-dollar condos that sold: 15. Previously, the highest monthly sales total for condos was 7, jointly held by October 2007 and June 2011.
February high-end sales were also a record high for the month.
January sales fell just shy from 2007’s tally and has been the only month this year not to set a new sales record.