According to preliminary data from the Calgary Real Estate Board (CREB), 1,854 homes sold in the city last month, up 8.68 per cent compared to February 2013. The average sale price for all housing types in Calgary also rose year-over-year, hitting $482,529 at month’s end — an all-time record.
As the Calgary Herald points out, the average city sale price wasn’t the only record broken. In fact, the median city price ($424,900), the single-family sale price ($550,312) and the single-family median price ($480,000) all hit all-time highs. More from the Herald:
Previous records were $466,466 for the city average set in June last year and $417,250 for the median price set in January of this year. For the single-family home market, the previous record for the average sale price was $527,634 established in December of last year as was the median price record of $463,500.
Condo market gains
Looking at the number of homes sold, the biggest gains were seen in the city’s condo market. Some 359 units sold last month, up 28.67 per cent from the total in February 2013.
The median price and average sale price of condos also rose, by 12.40 per cent to $290,000, and by 13.96 per cent to $327,910, respectively. Meanwhile, the average number of days on the market fell from 61 in February 2013 to 52 last month.
According to Mike Fotiou, associate broker for First Place Realty, the Calgary market is so hot right now that bidding wars are becoming commonplace. Fotiou wrote on his blog:
Calgarians were so determined to buy a home in February that nearly 1 in 5 paid above the asking price. Of the 1854 properties that sold during the month, 364 or 19.6% of buyers paid higher than list price.
As sales rise and inventory continues to decrease year-over-year, it’s to be expected that buyers will find themselves in more situations where multiple offers are involved.
You can view the full CREB statistics for the month here.