June 2014 Market Highlights for Calgary Luxury Homes
1. More Calgary single family homes over $1 million sold this year than last year from January 1 to June 30: 431 versus 348.
2. The median price of all Calgary single family homes sold over $1 million remained the same for both years at $1,285,000.
Several media sources have reported that more Calgary luxury homes are selling than last year and are on pace to break all time sales records:
From July 8, 2014: www.CalgaryHerald.com
Calgary luxury home market on pace for another record year
From July 10, 2014: www.FinancialPost.com
Calgary’s energy boom is fuelling record surge in luxury home sales
From July 11, 2014: www.CalgaryHerald.com
The demand for luxury homes in Calgary: unprecedented and 'unbelievable'
From July 12, 2014: www.CalgarySun.com
Calgary MLS sales Up 20% year over year
These luxury real estate headlines make you think that every Calgary home over $1 million mark is selling faster and for more than ever before. Not quite true.
So where is most of the high-end Calgary real estate sales activity really taking place?
What price range are most of the Calgary luxury homes selling at?
--> 70.8% of all single family Calgary luxury homes sold so far in 2014 were priced in the $1,000,000 to $1,499,999 range (compared to 68.4% in 2013).
Interestingly enough, this is the price range where most of the sales activity has been for single family homes sold over $1 million in the city of Calgary since 2006.
The price category that saw the most change in single family homes sold in 2014 was in the $1,250,000 to $1,499,999 range.
From January 1 to June 30 2013 it accounted for 23% of all single family homes sold in Calgary while for the same period in 2014 it accounted for 26.9%.
The Calgary Country Residential statistics for properties sold over $1 million are similar to the city of Calgary single family home market with a few exceptions. The price category that saw the most change in Country Residential properties sold was in the over $2,500,000 category.
From January 1 to June 30 2014 this category had 8 sales which accounted for 5.1% of all properties in Calgary rural areas while for the same period in 2013 there were only 3 sold, making up for 2.6% of the total sales.
A point of mention: 2 of the 8 sales (25%) in 2014 were homes listed by Ross PAVL.
To see how your city of Calgary or Country Residential home's price category performed over the first 6 months of 2014, please email me with your specifics.
The Calgary Real Estate Board (CREB®) also released it's monthly housing statistics for June 2014.
Here are the graphs for each category that show the overall picture:
For all single family homes in the city of Calgary, the Benchmark Price for June 2014 was $509,700.
This is up 10.9% from June 2013 and up an incredible 33.5% from June 2011.
For all Country Residential properties, the average price in June 2014 was $805,201. This was one of the lowest average prices for this category in the past 18 months.
To see more Calgary Regional Market Housing Statistics visit: www.CREB.com
These Calgary real estate statistics help shed light on the overall state of Calgary luxury homes and the trend unfolding for rest of 2014. If you have questions about the market in your community or about your home value, we'd be happy to answer any questions you may have.
For more information on the current Calgary real estate market, contact us online, or call 403-837-8100. We're here to help!
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