Even though the residential sales declined here in Calgary in December, new records have been set in the townhouse and condominium sectors. It's normal to see slowdowns in the residential real estate sector during the month of December but overall sales in the Calgary region reached peak levels during the year.
In December there were 708 single-family home sales recorded, which was a decline of 8.3% on a year-over-year basis and condominium sales also went down by 6% during the month. This decrease was consistent with past December activity during the last several years. Consumer focus often takes a shift during the holiday season.
Overall, December sales activity in the Calgary residential market went up by 9.3% on a year-over-year basis. There were 4,742 condos sold in 2014, which was an 18% rise over the numbers reported in 2013. Townhouse sales also went up to 3,737, which was an increase of 17% on an annual basis. Both the townhouse and condominium sectors saw sales activity reach record levels.
According to Ann-Marie Lurie, the chief economist at the Calgary Real Estate Board, the housing activity that took place in 2014 far exceeded any expectations. Calgary also reached a balanced market with 25,664 total sales reported and 36,329 new listings added to the inventory. This was a 13% growth in the new listings and a 9% sales growth. These numbers contributed to an overall increase in the inventory levels.
A total of 17,185 single-family home sales took place in 2014, which was a 5.5% yearly increase. The average sale price for a home went up to $483,079, which was a record-breaking amount. It's expected that the housing market in Calgary will cool down in 2015 due to the economic climate.