Another Record Month in the Calgary Resale Market

Posted by Justin Havre. on Friday, July 4th, 2014 at 8:01am.

In June, the resale housing market in Calgary saw another record month for average sale prices and sales of luxury homes. The average price for residential listings reached a high of $491,928. This average price surpassed the high that was recorded in May 2014 of $486,531.

In the single-family housing category, the average price also set a record at $562,382. In the condominium apartment category, condos reached a record high as well with an average sale price of $350,712. The previous records that were set in these sectors was in March 2014 for single-family homes with an average selling price of $556,522 and in October 2007 when the average price for a condo apartment was $332,731.

Overall, the average prices for Calgary real estate went up 5.48% when compared to the prices last year. There were a total of 2,670 sales transactions, which was a rise of 15.78% when compared to the number of sales that occurred in June 2013. New listings were also up to 3,814, which was a rise of 27.22% over last year's numbers. There was also an increase of 3.10% for active listings at the end of June. At this time, there were 4,726 units listed.

For the second month in a row, the luxury market here in Calgary has also been strong. In June, 104 homes sold with a price tag of at least $1 million. This broke the previous record that was set in May 2014 when 94 luxury properties were sold here in the city.

Last June, the numbers were skewed by the flood and the last thing on most people's minds at that time was a home purchase or selling their property. It was expected that the statistics that would be reported this June would be much higher than what was recorded during the same time last year. With the supply of resale homes easing, it's expected that home prices won't continue to increase at such a strong rate moving forward.

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