Even on the sunniest of days there are dark clouds looming over Calgary’s housing market. Sales continue to slow; prices continue to slowly creep downward. But in some parts of the city, the clouds part from time to time and the sun shines down on parts of Calgary. Certain areas that last month actually posted some double-digit numbers.
Calgary West geographically includes all neighbourhoods to the north of the Glenmore Reservoir and the Elbow, to the west of 37 St SW and everything south of the Trans-Canada and the Bow River. Calgary West chalked up 128 single-family home sales last month, which is 31% more than what was sold in April 2015.
The next busiest area is Calgary North West. This area lies to the north of the Trans-Canada Highway on the city’s west side and to the west and north west of Nose Hill Park. Calgary North West home sales last month were up 20% in the single-family sector of the housing market.
Calgary North, which is north and north east of Nose Hill Park, north of McKnight Blvd and west of Deerfoot Trail, was up more than 11% with 166 sales of single –family homes last month.
Calgary City Centre which is very loosely bounded by Deerfoot, Glenmore, Crowchild and McKnight, experienced a 4% increase in single-family home sales with 111 units sold in April.
President of the Calgary Real Estate board, Cliff Stevenson, told Calgary media that some of the success in these areas is because people selling their homes have done their homework and they know why homes like theirs sell and have priced accordingly.
He noted that in Calgary West, homes may have started moving, especially in the higher price points because buyers are attracted to price discounts.
Home sales in Calgary North West have been brisk in the $499,000 and under price range while they’ve fallen in price points above that. This is also attributed to sellers reducing the prices on single-family homes giving buyers a chance to buy more house for less money.
How are sales faring year-to-date?
Year-to-year and year-do-date numbers are providing the same sort of information. Calgary West and Calgary East, which is east of Deerfoot and north of Memorial Drive, are showing the same 11% increase in sales of single-family homes during the first four months of this year.
Next is Calgary North West which is up 8% in detached home sales since the year began and then Calgary city Centre which has seen 333 sales of single-family homes since the year began, which is a 5.4% increase.
The Calgary Real Estate Board uses single-family or detached homes sales as a benchmark because this sector represents half of all sales activity in Calgary and area.
Sales up but prices are down
Prices have fallen in seven of the eight districts in Calgary (CREB® divided its mapping system from quadrants to eight districts in the fall of 2015). The sharpest drop in house prices happened in Calgary East with the benchmark price of single-family homes dropping 1.6% over March and 5% from April 2015.
In Calgary North West was a little less dramatic with a 0.9% drop in benchmark prices from March and 3.4% over April 2015. Calgary West was down 0.6% from March 2015 and 2.3% down from April 2015. Even so, the benchmark price in Calgary West remains at $694,200.
Across the City
While there were some pretty nice numbers across Calgary, total sales of all property types fell about 10% over April of last year to 1,765 transactions. Also, new listings were up by 5% to 3,216 units for sale in Calgary.