April 2015 Market Highlights for Calgary Luxury Homes
1. Less Calgary homes over $1 million sold in April this year than April 2014: 53 versus 78. These included detached, attached and apartment homes.
2. The median price of all Calgary homes sold over $1 million remained fairly stable for both years: $1,275,000 in April 2015 and $1,258,000 in April 2014.
Sales of Calgary luxury homes in April 2015 were down 32% compared to a year ago. Calgary luxury real estate prices did not plummet as reported by the media at the beginning of the year. The median price in 2015 is actually up slightly. What is behind this?
The Calgary Real Estate Board (CREB®) monthly housing statistics for April 2015 shows the breakdown of sales for all property types (detached, attached and apartment homes) in the city of Calgary.
The chart below shows the sales for each category over $1,000,000 outlined in red:
The April 2015 numbers reveal that sales were down in every category except $1,750,000 to $1,999,999 and $3,000,000 to $3,499,999 and unchanged in the $2,500,000 to $2,999,999. Residential properties over $1 million accounted for only just 2.7% of all properties sold in April 2015 and 2.6% of the YTD 2015 sales.
The YTD 2015 numbers show the trend unfolding so far: the number of homes sold is down significantly. From $1,000,000 all the way up to the $2,499,999 category, sales were down anywhere from 34% to 59% compared to YTD2014 sales numbers. This price range represents 95% of all the homes sold over $1,000,000.
Compare this to the $200,000 to $599,999 price category range where sales were not affected to the same degree - down only 21% to 35%. The 4,664 sales in this range represented 80% of the 5,827 sales made from January to April 2015. The April 2015 Benchmark Price of $451,600 for all residential units sold in the City of Calgary resides in this range.
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There are many luxury homes that can be found in the countryside, outside of the city of Calgary. The statistics for Calgary rural real estate and acreages for sale near Calgary are covered in the two Calgary Real Estate Board (CREB®) regions of Rockyview and Foothills. Previously these were described as Calgary Country Residential statistics.
Region of Rockyview
The Region of Rockyview covers a large rural area to the north of Calgary and includes Bragg Creek, Redwood Meadows, Cochrane, Crossfield, Beiseker, Irricana, Chetermere and Langdon. It excludes the city of Airdrie. The chart below shows the sales for each price category over $1,000,000 outlined in red:
Sales of properties in the Region of Rockyview over $1 million in April 2015 were similar to the city of Calgary except in the $1,250,000 to $1,499,999 and $1,500,000 to $1,749,999 categories which accounted for 9 of the 11 sales. Residential properties over $1 million accounted for only just under 8% of all properties sold in April 2015 and 11.4% of the YTD 2015 sales.
The YTD2015 numbers show that there were more homes sold in the $1,250,000 to $1,499,999 and the $3,000,000 to $3,499,999 categories than in 2014, indicating a trend reversal. The April 2015 Benchmark Price was $567,100 for all residential units sold in the Region of Rockyview. This is up from April 2014's Benchmark Price of $526,000 and down slightly from the all time high of $572,300 in March 2015.
Region of Foothills
The Region of Foothills covers a large rural area to the south of Calgary and includes Heritage Pointe, Okotoks, Blackie, High River, Cayley, Longview, Black Diamond and Turner Valley. The chart below shows the sales for each price category over $1,000,000 outlined in red:
The region of Foothills property sales over $1 million in April 2015 were down 50% in the most popular categories of $1,000,000 to $1,249,999 and $1,250,000 to $1,499,999 which accounted for 6 of the 7 sales. Residential properties over $1 million accounted for only 6.7% of all properties sold in April 2015 and 6.5% of the YTD 2015 sales.
The YTD2015 numbers show that there have been more homes sold in the $1,250,000 to $1,499,999 and the $3,000,000 to $3,4999,999 categories in 2014, indicating a trend reversal. The April 2015 Benchmark Price was $400,200 for all residential units sold in the Region of Foothills. This is up from the April 2014 Benchmark Price of $384,500 and down slightly from the all time high of $404,300 in March 2015.
To see more Calgary Regional Market Housing Statistics visit: CREB® April 2015 Statistics
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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