Blog by Lori Spada

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March Real Estate Market

Calgary Single Family Home Sales – March 2014         

 

Looking out the window and seeing so much snow still on the ground, it's hard to believe that March has come to a close – we’ve certainly had unexpected weather this past month and so too have we experienced some unexpected real estate activity. 
  

Supply in the single family sector has been slowly dwindling since the beginning of the year and prices have eked up a little as a result, although as is always the case, some communities have their own little market activity going on all the time.  Competing offers have become, not common place, but not an unusual occurrence either.   
  

During the month of March, 1,699 MLS listed single family homes sold in Calgary.  The sale prices ranged from $190,500 for an attached 728 square foot home, in NE Abbeydale, to a $4,970,000, 4,563 square foot home in Elbow Park SW.  Quite the range.  
 

There was a fair bit of activity in the $1,000,000 and over category with 75 homes firmly sold within the month – contrasting Februarys’ 61 sales and Januarys’ meager 38. 
 

Of the 75 million dollar and over sales, 16 occurred in various NW communities, including 5 in West Hillhurst, a popular inner city community.  There were 2 sales in the NE communities of Winston Heights and Crescent Heights.  The SE had 5 sales with the most expensive one in the established community of Willow Park Estates – the property backed a golf course.   By far the most active quadrant in this price point though was the SW with 52 sales taking place in the month.  They were spread out amongst a variety of communities but the one that saw the most activity, with 10 sales, was Aspen Hills. 
 

I find it interesting to note that of the 75 sales, 6 properties were successful in getting 100% of the list price while 2 others sold over the list price.  Competing offers?  Likely.
 

The average days on market for the million plus sector was 62 compared to the general market of 27 days.  The average days on market for this segment in January was 67 and 46 in February.    

 

Snapshot:

 

March 1, 2014  – March 31, 2014

 

MLS Residential Sales  (excluding condominiums)

 

Total MLS Sales       =         1,699

Lowest Sale Price     =       $190,500

Highest Sale Price    =    $4,970,000


MLS Residential Sales - $1,000,000+ (excluding condominiums) 
 

   75 or 4.4% of the total market

 

 

Sales by Quadrant

SW  =   52  or  69.3%

NW =   16  or  21.3%

SE   =    5  or    6.7%

NE   =    2  or    2.7%

 


What were the most popular home “styles”?
 
 
Coach Hill House 2 storey


Style         Number of Properties           Percentage

2 Storey                   55                                    73.33%

2 Storey Split           4                                     5.33%

2 ½ Storey                1                                     1.34%

3 Storey                     7                                      9.33%

1 ½ Storey                3                                     4%

5 level split                1                                     1.34%

Bungalow                  4                                     5.33%

 

How many had walkout basements?          20   or   26.7%

 

How many had developed basements?      68   or 90.7%

 

Food for thought – roughly 17% of the sales had price reductions since their initial “to market” pricing within the listing period – although there were a few competing offers, pricing is always relevant regardless of the market we happen to be in.             

 

If you’d like more insight into what’s happening in the real estate market or your specific neighborhood, don’t hesitate to get in touch.

 

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