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Calgary luxury home sales set another record in November

Blog by The Bannard Rushton Group | December 5th, 2012

48 MLS sales of more than $1 million

Via the Calgary Herald

Calgary Herald.jpg

For the second month in a row, Calgary’s resale housing market has set a record for luxury home sales.

In November, there were 48 MLS sales in the city of more than $1 million, the most ever for the month of November, according to the Calgary Real Estate Board.

Last year, there were 34 sales in November in the upper-end market and this year’s total surpassed the previous record of 40 in November set in 2009.

So far this year, there have been a record 505 MLS sales in Calgary for more than $1 million.

The previous high was 458 during the 2007 housing boom.

There were also 51 MLS sales of properties of more than $1 million each in October, which set a record for that month.

The all-time record for luxury home sales in any month was set this year in May when 80 properties sold for more than $1 million.

On Monday, CREB officially released its monthly MLS data for November showing 1,457 total sales in the city, up 8.33 per cent from a year ago. The average sale price also increased by 5.27 per cent to $433,934 and the benchmark price was up 7.28 per cent to $388,800.

New listings dropped by 11.21 per cent to 1,631 while active listings were down 28.23 per cent to 3,831.

“With fewer inventories in the market, consumers are eager to view new listings and if consumers see value they will buy,” said Bob Jablonski, CREB’s president. “However, the market is not demonstrating the same frenzy that we saw during the overheated period.

“Clients are more cautious today and considering all their options. They have reverted back to considering if this is a home they can stay in for many years, because the quick equity gains are less likely.”

CREB said several consecutive months of double-digit, year-over-year sales growth has caused inventory levels to decline because new listings have not kept up pace.

According to CREB, single-family MLS sales in the city of 1,006 for November were up 5.45 per cent from a year ago, the average sale price rose by 4.15 per cent to $488,311 and the benchmark price increased by 8.48 per cent to $433,600.

In the condo apartment category, sales rose by 4.98 per cent to 253 transactions. The average sale price was up 21.64 per cent to $310,496 and the benchmark price was up 4.20 per cent to $248,000.

In the condo townhouse sector, sales of 198 were up 32.0 per cent while the average price rose by 3.70 per cent to $315,381 and the benchmark price was up 4.12 per cent to $282,800.