The housing market for resale homes here in Calgary may end up breaking previous sales records in September. So far this month, more than 1,500 sales have taken place, and this is a huge leap up from the sales that were recorded last September.
If the trend continues, this month may even break the record that was set back in 2005. There were 2,197 resale homes changing hands in that year. The second best year for September sales was in 2013 when 1,919 homes were sold.
Buyer confidence remains strong here in Calgary. The unemployment rate is low and the economy is strong. As people continue to stream into the city they are looking for housing. With the rental market as tight as it is right now, many new residents just jump right in and purchase a home.
The sales are remaining strong and so are the new listings that are being added to the market. Calgary has been moving towards a balanced market and many people that have put off their home purchases due to the tight conditions are now taking a second look at the listings. With more homes to choose from, there is less worry of having to compete with other buyers and multiple offers.
While it's expected that the market will slow down once the cold weather starts, the busy season for real estate sales is growing longer. Brisk sales are occurring from April all the way through to October due to the high consumer confidence and positive economic outlook for the city.
Sales also continue to remain strong in the luxury home market with 49 sales being processed this month. The record for luxury sales was set last year when a total of 59 homes valued at more than $1 million each were sold.