Million Dollar Sales October
Another month has come and gone and it’s that time again to evaluate what went on in the Calgary real estate market (excluding condos) between October 1, 2013 and October 31, 2013.
There were a total of 1,337 single family MLS properties sold during the month. The lowest sale price was $31,800 for a property located in NE Calgary while the highest was $2,945,000 in the SW community of Elbow Park.
In isolating the data, and only considering sales in the $1,000,000 and above segment, there were a total of 50 sales that were scattered amongst the city’s four quadrants.
7 sales, of which 2 were new construction, took place in the NW while the 2 NE sales were located close to downtown. In the SE quadrant, 8 properties sold with the majority of them having been renovated and/or in great locations backing golf courses, ridges or lakes.
The bulk of the million plus sales took place in SW Calgary and accounted for 33 properties. Of the 33 sales, 25 were resale properties located throughout various SW communities that included Canyon Meadows Estates, Scarboro, Mount Royal, Discovery Ridge amongst others. The communities of Springbank Hill and Altadore tied for the most million dollar and above sales with each having 4.
Compared to last month, there were 7 fewer sales in the over one million category, however, October’s top sale price was higher than the previous months.
What other information can the stats provide? Things like days on market and building styles are a couple of good examples. The average days on market for this segment was 71 days while the general market was 38 days. I also like to pay attention to what style of properties sell as it’s often an indicator of demand and marketability within various communities.
Of the 50 sales, the following is the breakdown on building styles.
Bungalow – 6
2 Storey – 35
3 Storey – 4
2 Storey Split – 2
1.5 storey – 1
3 level Split – 1
4 level Split - 1
What does all this mean? – there are a lot of variables to consider when assessing our real estate market and general market statistics alone don’t necessarily give you the full picture. Lifestyle, location, proximity to downtown, commute time, views, square footage etc. are all factors that influence the various price tags, quadrants of the city and communities with the value you place on all of them being paramount.
October 1, 2013 – October 31, 2013
MLS Single Family Residential Sales - $1,000,000+ (excluding condominiums)
Total MLS Sales = 1,337
Lowest Sale Price = $ 31,800
Highest Sale Price = $2,945,000
Sales $1,000,000 + = 50 or 3.74%
% of Sales $1,000,000+ by Quadrant
SW = 66%
NW = 14%
SE = 16%
NE = 4%
Food for thought - if you’re selling – are you competing with new construction or awesome locations? If you’re buying might you have a little more leverage because the community you’re looking in has an abundance of inventory or contrary to that there’s not much selection to choose from?
If you’d like more insight into what’s happening in the real estate market, don’t hesitate to get in touch.
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