An Elbow Park home sold yesterday for $3,300,000 which bumped up the Calgary overall average price by $6000 to $454,319. That’s a mere -0.07% or $335.00 below last years MTD price.
I’ve repeated ad nauseam that the average is not an accurate price measure, and the above illustrates how easily even a single sale can skew the average in a low sales environment.
According to the Elbow Park listing, the “Cost of land + construction totaled $6.5 million dollars + is being sold close to half price.” It was originally listed in December 2014 for $8,898,000.
I found the private agent remarks amusing: “Minimally affected by 2013 flood only 5 feet in basement.” For a home located along the Elbow, I suppose that 5 feet of water could be subjectively classified as being minimally affected, but yikes.
Overall Calgary sales are still very sluggish after 3 weeks with 452 transactions recorded: an -11.7% y/y drop and below the 5 & 10 year average by -25.8% and -34.2% respectively.
The pace of new listings has calmed and is nothing like that surge we experienced last January. A total of 1,887 properties have been newly listed, a -10.2% decline from the same period last year and right in between the 5/10 year average for this period.
There are currently 74 foreclosures/judicial sales listed in Calgary. If you’d like to track them and their sale prices, fill out the form below and I’ll set you up on automatic email notifications.
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