August 1-7, 2014 Calgary Real Estate Market Update

Lost amid the headlines of a record July month was the fact that single family home sales were down on an annual basis for the first time since March 2013.

Single family sales also faltered in the opening week of August as the number of  transactions fell -14.51% year-over-year despite there being 8.54% more listings available.  The sales-to-new-listings ratio slid out of seller’s territory to a balanced 53.68%.

Sales-to-new-listings-august-7-2014

Condo-Apartment and Condo-Townhomes sales were up 22.67% and 1.52% respectively and both had a sales-to-new-listings ratio north of 60% indicating condo market conditions still favored sellers.   The 92 condo-apartment sales in the first week was the best start to an August month.  Ultimately, overall Calgary sales were off by -6.24% y/y but remained 13.3% above the 10-year average.

Calgary home sales, August 1-7, Y/Y comparison

Calgary home sales, August 1-7, Y/Y comparison

The luxury home market was off to a slow start with only 6 sales between August 1-7 compared to 16 during the same period a year ago. The six high-end transactions is the slowest start to a month since January 2013.

Calgary Luxury sales, Y/Y comparison

Calgary Luxury sales, Y/Y comparison

Calgary Stats Summary, August 1-7, Y/Y comparison

Calgary Stats Summary, August 1-7, Y/Y comparison

 

One response to “August 1-7, 2014 Calgary Real Estate Market Update

  1. Mike, this drop off on single family homes (although a small sample size) must be a bit of surprise. Any hypothesis?

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