I’ve been asked a few times recently how the market in Calgary is doing compared to the peak in summer 2007. To answer that and give you some facts with which you can impress your friends, here are 10 Fall Facts.
1. July 2007 was the one and only time Calgary’s average single-family (SF) price rose above $500,000 (to $505,920). In comparison, the average SF price for last month, September 2010, was $460,278. This is only 9% off the peak.
2. As recently as May 2010, the average SF price was only 4% off the peak.
3. The most SF sales Calgary has ever seen in one month is 2,272 in March 2007. This year has seen monthly sales numbers between 762 and 1,396. Now that’s a big drop from the height of the market – almost 40% even at this year’s busiest.
4. The largest price category for single-family homes so far in 2010 is $350,000-$399,999 (18% of sales). The largest price category in 2007 was also $350,000-$399,999 (21% of sales). It’s a popular price range regardless of the market!
5. The number of homes sold under $300,000 in 2007 was 5.62% of total sales. So far in 2010, it is 12.39%! Affordability has returned to the city.
6. On the other hand, the number of homes sold over $1,000,000 in 2007 was 2.36% of total sales. So far this year, it’s 2.87% – virtually unchanged.
7. Condos saw their average price peak slightly earlier than single-family homes, in May 2007 at $332,237. Last month, the average condo price was $284,028, a drop of 15% from the record high.
8. Over 500 listings expired on October 1. This was a bit of relief for a market that had seen the number of SF listings balloon from 2,513 in January to 5,991 listings in June! This number has tapered off now to 4,880, a more manageable level but still about five months worth of inventory at the current rate of sales.
9. There were two homes sold over $5M in Calgary so far this year – there have only been four sold in Calgary’s history above that mark. But don’t worry if you missed out on those two homes; there are still four listings over $5M from which to choose.
10. This year Calgary bucked a trend it has had for over five years… From August to September, the number of sales per month has decreased every year, in the range of 1.1% to 2.3%. This year, however, sales actually increased by 10%!
If you have any questions about these stats or would like more detailed information about your specific community or price range, please don’t hesitate to contact me.