January 1-21, 2016 Calgary Real Estate Market Update

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.

Calgary home sales - January 21 2016

Calgary home sales, January 1-21, Y/Y comparison

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.

Calgary new listings - January 21 2016

Calgary new listings, January 1-21, Y/Y comparison

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.

Please note: I will be away from January 23-February 1st. If you sign-up during this time, I won’t be able to activate your subscription until after February 1.

Calgary luxury home sales - January 21 2016

Calgary luxury home sales, January, Y/Y comparison

Sales-to-new-listings ratio January 1-21 2016

January 1-21 Stats Summary

Calgary real estate stats summary, January 1-21, Y/Y comparison

One response to “January 1-21, 2016 Calgary Real Estate Market Update

  1. For those that have subscribed to the Foreclosure/Judicial sale list but haven’t received any emails yet, please:

    1. Check your spam folder for email from the domain, matrixemailer.com. You may also want to add *.matrixemailer.com to your safe sender list to avoid Matrix emails being caught in spam

    2. If you still haven’t received the activation email to your subscription, email me at mike@findcalgary.com directly.

    Thanks!

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