Another month with record real estate sales in Calgary.
At 3,209 sales, it was the highest number of sales for April, ever. The surge of sales over the past few months is likely in part due to the low-interest rates, however, However, prices are increasing, rates are beginning to increase and bank regulators are proposing higher mortgage stress test levels. These factors would reduce a buyer’s potential purchasing power so there may be an increase of buyers urgency in the short term over the next few months.
Due to the market conditions, many sellers have come to market in April but sales volumes have kept inventory remaining at below two month supply.
Detached homes hit a new record high for the month with 2,046 sales in April. As of April, the benchmark price rose to $529,100. This is nearly 11 percent higher than last year and more than $30,000 higher than levels recorded at the start of 2021.
Gains occurred across every district and price range. Like the other sectors, gains in new listings were not enough to move the market out of sellers’ conditions, as the months of supply remained below two months.
After the first four months of the year, row sales totaled 1,217 units. This the best start to the year since 2007, and well above long-term averages. Prices have been trending up across all districts of the city, but they remain well below previous highs.
Further improvements in April resulted in 1,280 year-to-date sales in this sector, which is the strongest sales seen over the past six years. New listings also remained high compared to typical levels and inventories continued to rise. In April, the benchmark price was $251,900. This is more than three percent higher than last year but price improvements did greatly vary by location and it will take some time for prices to recover to previous highs.
For both buyers and sellers, strategy matters more than ever to navigate the current market conditions.
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For the detailed market statistics from the Calgary Real Estate Board for April 2021 click HERE. Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn, or other areas in the Calgary region.