This spring has presented us with some interesting developments, especially in comparison to recent past spring and summer market trends. While condo and apartment sales have dropped since last month, sales in general have increased over the long-term as well as compared to last month. However, year-over-year trends show that sales were almost 17% higher at this time last year. This may seem to contradict claims that long-term trends show sales increasing, however it must be taken into consideration the harrowing nature of the real estate market we were experiencing at this time last year. A dip in sales for one year does not discount the upward trend of sales, it is simply indicative of a short lull or period of relative relaxation after such a frenzied real estate environment.
Getting to the prices, Calgary’s benchmark price is just under $890 000. Detached and semi-detached home prices are between 1 and 3% higher than this time last year, with an average of $769 400 for detached homes and an average of $697 300 for semi-detached homes. On the other hand, apartments and townhome prices are both just over 1% higher than last year’s prices. Row houses cost around $454 000 on average in Calgary, while apartments have prices around $335 000.
Regional trends also indicate a drop in sales numbers. Airdrie sales are down about 8% compared to this time last year, and Cochrane is experiencing a 17% decrease in sales in comparison to last year. Okotoks is actually a marked outlier in the trend, with sales over 26% higher than this time last year. Airdrie’s benchmark residential price is just under $541 000, Cochrane has a slightly higher average at $589 400, and Okotoks is showing an average residential price of about $634 000. Each area is maintaining a healthy stock of inventory as new listings continue to come into the market relatively steadily.
Spring and summer are the most advantageous seasons to sell in, so if you are thinking of selling, get in touch with us at the Dione Irwin Team to start the ball rolling today!