According to a preliminary unofficial report from the Calgary Real Estate Board (CREB®), Calgary luxury home market pushed prices to new records in 2013. The median and average sale prices of single-family homes and all MLS Calgary transactions reached all-time high records for Calgary in 2013.
The median sale price for single-family homes in 2013 recorded at $450,000, a 7.14% increase from the previous year. For the total Calgary MLS, the median sale price increased 5.53% from the previous year to $401,000 in 2013.
The month of December recorded the highest-ever monthly average Calgary home sale price of $527,763. This marks a solid year for the Calgary residential real estate market, surpassing the record level of $526,546 reached in June 2013.
According to a realtor from Calgary RE/MAX Professional, the strong momentum started to build up during the last quarter of 2012. She attributed the high demand for housing, home sales and pricing, to the robust employment growth and higher-than-expected migration to Calgary. The year 2013 started with low interest rates, lowest vacancy rate and lowest unemployment rate in the past decade. All factors led to a favorable environment for growth, driving a busy year for Calgary. Despite the June flood, Calgary was able to rebound because of the sense of community and optimistic job market enabling Calgarians to rebuild.
In 2012, the average Calgary home sale prices were recorded at $481,259 for single-family homes and $428,649 for the total Calgary MLS. For 2013, the Calgary luxury home market pushes prices to new records. Most transactions recorded the highest ever at $1 million or more.
An associate broker from First Place Realty, Mike Fotiou, said 2013 recorded 727 luxury home sales, a 33.6% increase from the highest record in 2012. With the exception of January and December, the year 2013 was marked by 10 consecutive months of record-breaking monthly sales.
For 2013, the total MLS Calgary sales reached 23,489 units, an increase of 10.78% from the previous year. New listings for 2013 increased 0.97% from the previous year to 32,153 units. However, at the end of December, active listings dropped 17.80% to 2,235 units.
The following are increases in the 2013 Calgary MLS sales for the different housing types: single-family homes increased 7.9% to 16,3012; condo apartments increased 14.45% to 4,007; townhouses increased 13.81% to 4,516; and for condo townhouses, an increase of 22.40% to 3,180 units.
For the 2013 average Calgary home sale price, the following are the increases for the different Calgary housing types: single-family homes increased 7.61% to $517,886; condo apartments increased 5.17% to $299,517; townhouses increased 9.55% to $381,884; and for condo townhouses, an increase of 7.73% to $341,115.
The median price of Calgary home types increased in 2013 as follows: single-family homes at $450,000, by 7.14%; condo apartments at $261,000, by 3.78%; townhouses at $355,700, by 6.18 per cent; and condo townhouses at $306,000, by 6.45% from previous year.
As companies continue to recruit professionals, Calgary has become a thriving metropolis – a safe haven for families and a place with abundance of job opportunities. The Calgary residential real estate market builds stronger confidence as it anticipates a bright outlook of continued solid growth for 2014.
If you have questions on the current Calgary real estate market or about your home value, contact us online, or call 403-837-8100. We're here to answer any questions you have!
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