Record Sales in April as the demand for housing remains high in Calgary!

Dated: May 3 2021

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April Stats Cover Photo

The real estate market in Calgary is recovering from the lows that were recorded last year when the pandemic hit and everything grinded to a halt!

 

Seller’s Market conditions persist, resulting in more inventory coming on to the market as sellers look to take advantage of the price gains. Even with the higher inventory the elevated sales remain below 2 months of supply. For the second consecutive month, tighter market conditions have resulted in significant upward pressure on prices with the benchmark price of $451,400 being over 2% higher than last month and 9.24% higher than last year.

 

Product priced over $600,000 represented 25% of all sales that occurred this month where as it represented 12% of sales last year.

 

For the Month of April:

 

·      Overall sales have increased in all price ranges and product types.

·      The number of new listings has increased.

·      The gap between the new listings and sales has narrowed.

·      The sales to new listings ratio have increased to 69%

·      The months of supply is at 1.89

·      Prices continue to trend upwards.

 

What does this all mean?

 

Detached:

·      Record high 2,046 sales for the month of April

·      Strong sales did not ease the Seller’s market conditions

·      1.36 Months of supply has contributed to increasing prices

·      Benchmark prices of $529,100, reflect a full price recovery from 2014 levels

·      April benchmark prices are nearly 11% higher than last year and more than $30,000 higher that Jan. 2021 

·      City Centre district has had the slowest rebound and prices do remain 7% below previous highs otherwise price gains in all areas of the city

Semi-Detached:

·      Year to date sales of 888 reached record highs in all districts of the city

·      Seller’s conditions persist as the months of supply remains 1.79

·      The strongest gains occurred in the North, North West, & South East and the 12%price gains in these areas supported record high prices

 

Row:

·      1,217 sales in the first 4 months of this year have meant that this is the best start since 2007

·      Inventory is trending up however months of supply is at 2.23 which is well below the long-term average of 4 months

·      Benchmark prices have increased across all areas of the city with average being $293,400

 

Apartment Condominium:

·      Year to date sales of 1,280 are the strongest sales for past 6 years

·      High inventory continues however sales improved resulting in a reduction in months of supply of -71.33% to 4.11 which is consistent with long term trends

·      The Benchmark Price is 3.58% higher than last year and sits at $251,900

 

Other Factors:

·      Interest Rates remain low; HOWEVER, lending policies are to change on June 1, 2021 and we should know the details by May 24, 2021!

·      Even though vaccine roll outs are underway, disruptions to supply, and the new variants leading to the 3rd wave there remains an optimistic consumer confidence.

 

If you would like to discuss any of the statistics and determine how this may affect you, please reach out!

 

Brenda Field

Royal LePage Benchmark

403.899.3177

Statistics courtesy of Calgary Real Estate Board, full details for the City of Calgary and for Surrounding Areas.

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Brenda Field

BRENDA FIELD has built a reputation as a trusted partner who develops and grows business alongside its team of leaders. A dynamic and dedicated sales executive for twenty years, she has consistently ....

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