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.
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.