May 1-7, 2014 Calgary Real Estate Market Update

What an absolutely incredible start to the month!   A total of 687 homes sold during the first week of May, the best start to the month since…ever.   Yes, this past week’s activity exceeded even May 2005-2007 levels.   Year-over-year, sales were up 22.24%.

Helping grease sales were the 1,094 new listings added since the beginning of the month, an 18.5% increase from the same period last year.

The largest percentage of new listings are attributable to Apartments & Townhomes which had y/y hikes of 38% and 40% respectively.   This in turn has helped shift the market into more balanced conditions for condominiums and should help ease price pressure, especially if the sales-to-new-listings ratio percentage remains in the low fifties.

Even with the new listings boost, there are ~500 fewer homes (-11%) for sale in Calgary today compared to a year ago, mostly due to the decline of single family inventory.

The number of buyers paying above list has remained fairly constant and is still hovering around the 20% mark again this month.

Calgary sales for May 1-7

Calgary sales for May 1-7

Last May holds the all-time record for luxury home sales ($1M+) with 83.   Month-to-date high end sales are at 23, slightly above last year’s 21 but below 2012 which had 25 sales after the first week.

The most expensive MLS® sale so far in May is a brand new Bel-Aire property built by Gallaghers Homes that sold for $4,850,000.

$1M+ sales, year-over-year comparison

$1M+ sales, year-over-year comparison

Calgary real estate stats summary (click to enlarge)

Calgary real estate stats summary (click to enlarge)

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