by Ross PAVL
on Tuesday, July 5th, 2016 at 1:30pm.
Calgary Luxury Homes Market Highlights - June 2016
1. There were slightly more Calgary homes over $1 million sold in June this year than June 2015: 78 versus 76. These included detached, attached and apartment homes.
2. The median price of all Calgary homes sold over $1 million was not the same for both years: $1,262,500 in June 2016 and $1,216,100 in June 2015. It hit a low of $1,205,000 in October 2015. This is a direct result of more homes being sold in June 2016 in the $1,000,000 to $1,499,999 categories!
Sales of Calgary luxury homes in June 2016 were up slightly by 2.6% compared to a year ago - confirming that the previous declining and flat market has become more active again. Overall Calgary luxury real estate prices have not drastically dropped as much as many buyers believe - at least not in all price categories. The June 2016 median price for all Calgary homes over $1,000,000 was up by 3.7% from the June 2015 median price. So where is the most activity happening in the Calgary luxury home market?
The Calgary Real Estate Board (CREB®) June 2016 housing statistics show 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 June 2016 numbers reveal that sales were up 2.6 % from June 2015, yet they were down in every category except the $1,250,000 to $1,499,999 and the $2,500,000 to $3,499,999 categories. In June 2016, residential properties over $1 million accounted for only 3.8% of all properties sold in the month and 3.4% of the YTD 2016 sales - up slightly from the numbers in the October 2015 Calgary Luxury Homes Market report.
The YTD 2016 numbers for $1,000,000+ home sales reinforces the trend that the number of homes sold overall in the luxury home market is on the increase. 317 homes sold YTD 2016 versus 292 homes sold YTD 2015 - that's an increase of 7.9% from last year's numbers. Compare this to the overall city of Calgary residential number of 9,205 homes sold YTD 2016 versus 10,192 YTD 2015 numbers - a decline of 9.7%
The numbers also reveal where most of the Calgary luxury home market activity was in June 2016: 75.6% of all sales were made in the $1,000,000 to $1,499,999 price categories. The appetite for homes over $3,000,000 this month was almost non-existent.
Next is to compare the trends over the past 4 years of all the price categories in the chart below. Notice the two most active sales categories circled in red of $300,000 to $499,999. The YTD 2016 total sales are still below the YTD 2015 total sales except for the total sales in the $1,000,000+ category.
There are also 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. The market highlights for these regions will be covered in a separate report.