Even with inventory down by 25%, sales were still up by 3.8% in Feb compared to the average of the past 3 years.
- The average price hit an all-time high for Calgary at $518,452 but it’s well-known that I put more credence in the median price, which hit an all-time high for Feb at $437,500. It’s still $1500 less than the record high of $439,000 in Jun 2007.
- First-time buyers were up 6.8% compared to last year.
A seller’s market
- There’s a huge demand for homes priced under $500,000 with an absorption rate of 1.3 which means there’s a 39-day supply of homes on the market. Last year in this price range, there was a 60-day supply.
- For homes priced above 500,000, there’s a 111-day supply.
- Bidding wars are going strong, with 17% of homes selling for list price or higher in the last four days of the month.