One hundred large: the amount the average and median price for a single family home has increased from three years ago. It’s another reason why Calgary home sellers are smiling these days as market conditions could hardly be more favourable. Consider the following:
- There are -24% fewer SFH on the market than a year ago and new listings are down -3.92% this month which means less competition between sellers.
- Buyers are out in force with sales up 12% y/y and on pace for the highest March sales total since 2007.
- Lenders have dropped their 5-year fixed rate below the 3% threshold again which will provide the market with even more stimulus this spring.
Less supply, more demand and with lower borrowing costs to boot. It’s no wonder prices are being spurred higher. Year-over-year, the average price of a SFH is up $38,691 to $558,884 (+7.44%) and the median price has increased $43,950 to $494,950 (9.75%).
However, just because the market is hot doesn’t mean buyers are desperate. In the past two days, nearly 100 properties have had their asking price reduced which means sellers still need to be realistic.
Once again, the luxury market has set a new sales peak. Seventy-six properties have sold for a $1M+ month-to-date, surpassing last March’s month-end total of 74 which was the March record.
One community in particular has been especially active with twice as many high-end sales as the next busiest – find out which community when I post the luxury report for March on April 1st (Hint: it’s starts with an ‘A’) 😉