Calgary Luxury Home Sales Sink Nearly 36% In August

Sales of luxury homes in Calgary suffered a -35.8% annual drop in August but still reached the third highest total for the month, a testament to how strong the market was in 2014.

A total of 43 properties sold for a million dollars or more in August compared  to 67 the previous year.

An early 1900’s Mount Royal home was the most expensive sale at $2,975,000.   It had been listed several times on MLS® over the years without selling, with the highest asking price of $5.2M sought in 2007.

Does that mean luxury home prices have taken a big hit?

Of the 43 properties that sold in August, 13 had formerly sold on MLS® within the past 10 years.  Of those 13, one home sold for less than its previous purchase price (-11.8%).  The remainder increased between 0.7% and 224.4%, although the several that experienced significant price increases were due to major renovations or because they were infills. (See chart below)

Luxury homes with sales within the past 10 years

Luxury homes with sales within the past 10 years

Aspen Woods, Hillhurst & West Springs were the most active communities with 3 sales each.

August Luxury Home Sales

August Luxury Home Sales

A recent luxury report by a big brokerage stated that Calgary had a “healthy 2.3 to 2.5 months’ supply of inventory in the $1 million plus range.”

With ~550 homes in Calgary listed for $1M+ and 43 selling in August, the inventory absorption rate was over 12 months. In July, inventory was similar with 56 sales: 9.9 months supply.

Two months supply?

Two and half months supply? 

Luxury inventory in Calgary & area

Luxury inventory in Calgary & area

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