Calgary Real Estate Sales Booming in February 2021
Greetings. Having experienced many multiple offer deals representing buyers, and well priced homes figuratively flying off the shelves days or hours after being listed, I can concur it is officially a seller's market in Calgary. Single family homes, especially the older ones in established neighborhoods with upgrades or the possibility of upgrades are really selling and at much higher prices. In some cases, almost comparable to peak prices in 2014.
With low inventory and keen buyer interest, it appears more listings are starting to hit the market. So spring craziness has already begun. All the elements described in my last newsletter are driving the activity: extremely low interest rates, people with money to burn (ie whoever is not unemployed right now), competitive prices for a city this size, and growing confidence that a return to normality is forthcoming.
Collectively, all home sales compared to last February were up 54% but new listings started to catch up at the end of the month as sellers listed to take advantage - up 13%. Active listings across the board are still down nearly 21%. Prices are up, even averaged out - Average Price nearly 9%, medium prices nearly 7 %. Days on market (DOM) down 20%,
We see even more incredible figures in the detached market which seems to be driving everything now: Total sales up at whopping 66%, new listings 17.5% but active listings still way down from even last year's low figures - 30%. Here is where homeowners can smile and buyers can grimace -- in just a few months, prices of detached houses have risen 10%, recovering more than half of their losses from the past 6 years. Some houses as I mentioned have recouped nearly all losses.
Obviously Townhouses and Semi-Detached haven't done as well, but have seen a decent correction. First time buyers or downsizers seem to be gravitating to the lower price Townhouses as sales there are up nearly 60% compared to half that for semi-detached. New listings are up by 24% for townhouses, but virtually unchanged from last February's figures for semi-detached. Builders have stopped building based on last years dismal figures. Active listings are down 7.5% for Townhouses, a decent 39% for semi-d homes. Medium prices up 3% for townhouses but rebounded in the semi market - up an amazing 27%. Less of an upward trend in average price at 1.6% up and 12% up respectively. DOM is down 8.6 for Townhouses, down 35% for semi-d.
Apartments are still struggling. Total sales up 30%, new listings up only 2.3% percent, active listings still down at 2.5% However, prices are still dropping here - 1.9% medium price; 7.35% average price.
So condos may have not seen bottom yet but everything else seems to be on a burn.