Calgary Real Estate Market Update for August 2014
– Condo sales growth increases while single-family sector declines –
Calgary’s booming condo / townhome market has seen substantial 14 and 20 percent gains in sales growth compared to August of 2013, numbers that are cause and effect for an overall year-over-year sales growth of 3.4 percent for the entire residential sector.
So why are condos leading the charge? Well, condominiums are a more affordable alternative to their single-family counterparts and come with a convenient, low-maintenance lifestyle that many buyers are looking for nowadays. In addition, a tight rental market and low mortgage lending rates has also contributed to the sectors success.
While sales activity for condos and townhomes soars, the single-family sector isn’t so fortunate with a 2.4 percent decline in year-over-year sales in August of 2014.
The main reason for the decline is the fact that there are fewer and fewer single-family homes now listed for under $400,000, leading buyers to turn to something more affordable.
However, year-over-year sales activity in the single-family market for homes priced over $400,000 has increased.
Calgary Real Estate Market Single-Family Update
- 1,477 total units sold, a decline of 2.4 percent due to limited availability of lower priced product
- 13.6 percent year-over-year increase in new listings, giving buyers more choice
- 18 percent year-over-year increase inventory levels
- $512,300 single-family benchmark price, an increase of 10.24 percent year-over-year
Calgary Real Estate Market Condo / Townhome Update
- 790 total combined units sold in the month
- 3,388 year-to-date condo sales
- 2,685 year-to-date townhome sales
- 40 percent year-over-year increase in new listings over the past 3 months
- $298,200 condominium benchmark price
- $328,300 townhome benchmark price
- Benchmark prices also nearly 10 percent higher than levels seen in August of 2013
*Sourced from CREB®
See our complete list of Calgary Real Estate Market Updates for an in-depth look at pricing trends, sales growth and more since 2012 today!
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