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)

Please feel free to post your comment or question

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s