Monday Morning Stats! YTD (Year to Date); 43% of residential sales in Calgary sold over List Price! Okotoks, 45% over list! Breakdown; Calgary max over list was 29% or $145,000 on $500k list price. Out of 1,277 total sales, 62 homes sold 10%+ above List, 145 of homes sold between 5-10% over list, 121 of homes sold between 2-5% over list, and 222 of homes sold at between list price and 2% over list. Avg over list was $22,000. Okotoks Max over list was 6%. Only 24 sales in Okotoks so far this month due to low inventory.
Luxury Home Market Report 2022
Luxury Home sales are a great indicators of confidence in the economy and the health of the real estate market in general. The following RE/MAX report provides some great insight into the current market conditions. Click on the following link to view the full report. RE/MAX 2022 Luxury Home Market Report
2021 was a record year for local real estate sales!
2021 record year for home sales
City of Calgary, Jan. 4, 2022 – Thanks to exceptionally high sales in December, 2021 was a record year for home sales. Calgary sales reached 27,686 units this year, nearly 72 per cent higher than last year and over 44 per cent higher than the 10-year average.
“Concerns over inflation and rising lending rates likely created more urgency with buyers over the past few months. However, as is the case in many other cities, the supply has not kept pace with the demand, causing strong price growth,” said CREB® Chief Economist Ann-Marie Lurie.
As of December, the unadjusted benchmark price rose by nearly one per cent over last month and was sitting over 10 per cent higher than last year’s figures. Overall, the 2021 benchmark price rose by more than eight per cent compared to last year for a total of $451,567, just shy of the annual record high set back in 2015.
We are entering 2022 with some of the tightest conditions seen in over a decade. As of December, inventory levels are nearly 25 per cent lower than long-term averages for the month. This will have an impact on our housing market as we move through 2022.
Okotoks
Despite persistent challenges with supply levels, sales in Okotoks reached record levels in 2021. However, the strong sales weighed on inventory levels, which on average eased by 41 per cent this year and remain over 50 per cent lower than what the market typically has available.
Easing inventory and strong sales left the months of supply at record-low levels in December with less than one month of supply. With sellers’ market conditions throughout the year, there have been some significant gains in prices. On an annual basis, the benchmark price hit a new record high at $474,842, which is an annual gain of nearly nine per cent.
Semi-Detached and Row Housing - Calgary - Nov 2021
The following article in the Calgary Herald, in which I am quoted, speaks to the current and future of the semi-detached and row housing market conditions for Calgary and region. Enjoy!