Photo: Michael Gil/Flickr
A total of 2,948 homes sold on Calgary’s Multiple Listings Service in May, an all-time high for the month and a 16 per cent increase compared to May 2013.
And that wasn’t the only housing record broken.
According to Calgary Real Estate Board (CREB), the median and average MLS sale price hit all-time highs of $435,000 and $486,531 respectively. This broke the previous records set in March.
CREB says while market conditions continue to favour the seller, improving supply has helped ease some of the tightness in the market.
“Market conditions vary depending on the product type,” said CREB president Bill Kirk. “Both condominium apartment and townhouse style products have recorded inventory growth relative to last year. This is good news for consumers looking for more choice in condominiums priced between $200,000 and $400,000.”
Speaking of condos, 511 units sold last month, a 24.33 per cent increase compared to the 411 transactions in May 2013. The benchmark price, meanwhile, hit $295,400, a 12.06 per cent increase from the previous year. Average number of days on the market fell from 35 in May 2013 to 33 in May 2014.
Sales increased from 365 in May 2013 to 410 last month while the benchmark price rose 10.03 per cent to $321,400.
Calgary’s busiest housing segment saw 2,027 homes change hands in May, a 15.24 per cent increase from the number of transactions 12 months earlier. The benchmark price rose 10.37 per cent year-over-year to $504,300 while the average sale price jumped 6.3 per cent to $554,654.
And here’s a look at May sales activity for each housing segment over the last 10 years.
The complete CREB statistics package can be seen here.