Calgary single family home prices are on pace to set an all-time record. Month-to-date, the average price of a SFH is $550,438 with a median price of $485,000. December 2013 currently holds the average & median price record of $527,634 and $463,500 respectively.
Sales are up 2.57% y/y and on track for the best February since 2007.
Luxury home sales so far this month total 47 – three behind last year’s MTD tally but already above the month-end sum of every other February.
The 256 Condo-Apartment sales after 3 weeks is the best February since 2007 and a 27% y/y increase. The average price is up a monstrous 15.45% and the median is up 13.57% y/y.
Surging new listings (+35.33% y/y) will hopefully start containing the price gains to more realistic levels. As it stands now, total active inventory is -1.71% lower than a year ago.
Condo-Townhomes are also posting double-digit percent growth in sales & prices. The average price is up 10% while the median is up 13.18%. Meanwhile, sales have increased 11.9% y/y.
The condo market is an attractive & affordable (comparatively speaking) alternative for many buyers. For others that want home ownership at a lower price point, another option is to move out of the city altogether.
Nearby municipalities continue to benefit from the rise in Calgary home prices. More buyers are opting to substitute a longer commute for thousands of dollars in savings in their home purchase. Combined sales in Airdrie, Chestermere, Okotoks and Cochrane are up 61% y/y so far this month.