It may be -30°C as I type this, but the Calgary real estate market is anything but cold.
Calgarians were so determined to buy a home in February that nearly 1 in 5 paid above the asking price. Of the 1854 properties that sold during the month, 364 or 19.6% of buyers paid higher than list price.
Compare that to the 10.4% of buyers from a year ago or the 6.1% from February 2012 that paid above asking. (see chart below)
The community of Tuscany led the way with 10 properties selling for more than asking. Below are the communities with at least 5 homes with a SP/LP ratio of over 100%:
As sales rise and inventory continues to decrease year-over-year, it’s to be expected that buyers will find themselves in more situations where multiple offers are involved.
It’s no surprise then to see these year-over-year gains in February:
Single family homes
Average price: +6.14%
Median price: +9.71%
Average price: +13.96%
Median price: +12.4%
Average price: +11.96%
Median price: +10.91%
Check back on Monday when CREB releases the full statistics package.