Calgary’s luxury home market remained in the doldrums in January with only 24 properties selling for at least a $1 million with an inventory of over 400.
Sales-wise, that’s on par with the previous January and the 10 year average for the month. However, it’s a -43% drop from the January peak set in 2014 when 42 luxury homes sold.
The highest sale price was $3,300,000 for an Elbow Park home which, according to the listing, was well below the $6.5m cost of land and construction. It was originally listed in December 2014 for $8,898,000.
Elbow Park also had the most transactions with 3 selling during the month.
There are currently 3 judicial sales listed in Calgary on MLS® in the $1M+ range and are located in Kelvin Grove, Discovery Ridge and Auburn Bay.
Looking at homes with previous MLS® sales in the past 10 years that weren’t teardowns, some sold for more than they were purchased for while others were sold at a loss:
Any renovations undertaken between the two sale dates would need to be accounted for, but the above illustrates that market trends can vary even within the luxury segment depending on location, property type, and price range.