Calgary’s single family home market has entered the all important spring season with more momentum than a year ago. In 2013, SFH sales were down year-over-year in both February & March. Q1 sales ended up posting a -1.49% y/y decline.
Through 3 weeks this March, there have been 1144 single family homes sold. That’s a 12.2% increase y/y and up 10% from the same period in 2012. Year-to-date sales are up 7.8% y/y and up 8.5% from 2012.
Compounding the effect of rising sales are new listings and inventory levels that are even lower than a year ago.
If increased sales volume was likened to a wave that was fast approaching land, the shallower the water (inventory) gets, the higher the wave height (prices) is forced to go.
So far this month, the average price of a single family home is up 7.3% y/y and the median is up 8.3% to $558,538 and $490,000 respectively.