There have been times over the past two decades where the Calgary real estate market has been among the most volatile in the country. After all the ups and downs of the past several years, the recent months have been a welcome relief to both buyers and sellers as the Calgary market has settled into a more predictable equilibrium than has been seen for some time.
The total number of sales in both the attached and Calgary condo categories increased by less than 6% year-over-year for April. Detached home sales grew 5.99% to 1,136 sales, while condos increased by 5.13% to 273. Attached home sales grew at a brisker pace, with 18.66% year-over-year growth resulting in 359 sales in that category this April.
Listings Balancing Well with Sales
Whenever the available homes coming on the market and the sales statistics for a city are extremely out of sync with each other, it can lead to some wild fluctuations in the local market. Calgary has reached a happy balance here, with new listings growing 2.46% on a year-over-year basis. At the end of April, there were 5,495 homes on the market, a 12.09% decrease from inventory levels a year ago. Currently, this means there are 2.87 months of inventory available in the city.
Prices Climbing Modestly
The average price of a home in Calgary has climbed modestly, without any of the steep swings that have been seen elsewhere in Canada. The average price of a home in the city rose 3.49% in 2017 compared to April the year previous. The average sale price was $445,000 this year. Overall, the prices in the city have dropped the most when looking at apartment-style condos in the South East and East portions of the city, where prices have dropped by 9.29% and 9.24% respectively. These are also among the most affordable homes in the city, with the benchmark price of a condo in these regions landing at $222,500 and $201,400. On the flip side of the coin, prices have risen by the most in the west end of the city’s detached home market, with a 3.51% year-over-year increase resulting in a new benchmark price of $718,700.
Despite some small shifts up and down, Calgary is generally stabilized into a healthy pattern of growth currently. Buyers are gifted with a reasonable amount of inventory and prices that are not swinging wildly. Sellers are benefiting from long-term stable growth and a healthy demand for available properties. Overall, the Calgary real estate market is currently bringing the best of both worlds to the players in the market.
Source: Partnership with www.Point2Homes.com