Calgary’s condo market will post double-digit percent price increases this month. The average price for a Condo-Townhome is up 21.38% y/y and the median isn’t far behind at 19.91%. Condo-Apartment’s average price is currently 16.12% higher than a year ago, with the median at +12.7%.
With January seasonally being one of the slower months, the smaller sample size can easily skew prices so I’m looking forward to what the HPI will reveal when CREB releases the month-end report Monday.
Single family home annual price growth is in the more palatable +4.5% range month-to-date.
Lack of inventory continues to be a major hindrance for buyers. In Calgary overall, there are 677 fewer homes (-21%) on the market than a year ago and new listings are trailing by -7.4%. Compounding the situation are sales that have jumped 16.63%. This has resulted in 20.8% of buyers paying asking price or higher compared to 13.6% last year during the same period.
Home sales in the $1M+ range have matched the January record of 36 set back in 2007 and surpassed last January’s month-end total of 34. That’s inline with RE/MAX’s prediction that another banner year is possible. Check back this weekend for the luxury market review of the first month of 2014.