CALGARY – Low inventory and cold weather is continuing to drive resale housing prices upward with the city poised to set numerous records from February MLS sales.
Calgary is set to hit new highs for average sale prices and median prices in both the overall city market and in the single-family sector.
According to the Calgary Real Estate Board, from February 1-26, the average MLS sale price for all city sales was $485,085, up 6.94 per cent from a year ago while the median price has jumped by 7.80 per cent to $425,000. Also, the single-family home market has seen the average price soar to $553,077, up 8.16 per cent from a year ago while the median price has risen by 10.98 per cent to $485,000.
We have seen a very active market so far this year. After all low inventory and population growth are going to lead to higher prices. The forecast is for much of the same kind of market until inventory begins to show up. With a very cold winter and no break in temperature this Real Estate Market is perfect to allow your home to sell for Top Dollar.
There is momentum in this market and it will take a little while for the inventory to show up for all of the buyers looking today. As my Granddad always said “sell when everyone is buying and buy when everyone is selling”. It is time to get your home up for sale if you are thinking of selling
Flat out it is a little scary for buyers today, with interest rates at all-time lows, net migration occurring again in Calgary and the average age of a Calgarian being so low, it still looks to be a good time to buy.
According to CREB, the average monthly MLS sale price record for all city sales is $466,466 set in June last year and the median price record of $417,250 was set in January of this year.
For the single-family home market, the average sale price record of $527,634 was established in December of last year as was the median price record of $463,500.
So far this month, total MLS sales of 1,672 in the city are up by 7.59 per cent from the same period last year. New listings have increased by 1.37 per cent to 2,444 but active listings are down 19.24 per cent to 2,850.
Single-family sales have increased by 1.18 per cent to 1,114 but new listings are down by 5.11 per cent to 1,596 and active listings are off by 22.02 per cent to 1,852.
“In an unfortunate metaphor given last summer’s floods, Calgary’s housing demand dam has burst,” said Don Campbell, senior analyst with the Real Estate Investment Network. “Those sitting on the sidelines waiting for a lull, combined with renters who are witnessing dramatic rental increases in key areas of the city, are combining with regular housing demographic requirements to push the demand curve up much more quickly than the available listings.
“This strong seller’s market, in the heart of the winter, has pushed average sale prices up more quickly than would be economically expected. Given this, we should see sellers begin to move into the market to take advantage of this profit opportunity.
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Edited by Rod Forsythe Keller Williams Premiere Realty firstname.lastname@example.org