Luxury resale market strengthens in city

 
By Claire Young, Calgary HeraldDecember 7, 2012

Luxury resale market strengthens in city
 

There were 43 detached single-family houses that sold for $1 million or more in Calgary in November, up from 33 luxury houses during the same month last year, says the Calgary Real Estate Board.

Photograph by: Calgary Herald , Files

Luxury house sales were up 30 per cent in November compared to last year, says the Calgary Real Estate Board’s monthly report.

There were 43 detached single-family houses that sold for $1 million or more in Calgary, up from 33 luxury houses during the same month last year, says the board.

Except for January, sales of all detached single-family homes have been higher in every month so far this year.

Even without having the sales for December, the total for Jan. 1 to the end of November was 9.5 per cent higher than all of 2011, rising to 14,367 sales compared to 13,120 sales.

However, the number of sales has not yet reached the peak of 2006, which saw about 18,000 detached single-family homes sold in Calgary.

The inventory for detached single-family homes is starting to tighten up, which means more potential buyers are looking at other forms of housing, says Ann-Marie Lurie, chief economist for CREB.

“There was more price choice in the single-family market,” Lurie says of previous years. “People had more options in single-family and now — with there being less inventory and less to choose from in the single-family market, which has been happening all year — more people are considering their options and have looked at things like townhomes and condo apartments.”

The board’s Zone A, which is roughly northwest Calgary, saw the most sales of detached single-family houses in November. There were 351 sales averaging $496,809 in Zone A.

The board’s Zone C, which is roughly the city’s southwest, saw the highest sales in November, posting 296 sales averaging $602,689.

The board’s Zone B in the city’s southeast saw the fewest and most affordable detached single-family house sales in November, racking up 164 sales averaging $297,069.

Tuscany in Zone A was the community that saw the most houses change hands, posting 29 sales averaging $473,232.

Other sales-active communities included McKenzie Towne in the southeast with 27 sales averaging $408,895, and Evergreen in the southwest with 24 sales averaging $419,062.

The most expensive homes were sold in Elbow Park-Glencoe in Zone C, with eight sales averaging $1,968,187.

DID YOU KNOW?

How fast are houses selling?

In November, detached single-family sales slowed right down compared to the other months this year, with the exception of January, says the Calgary Real Estate Board.

The average days on market in November was 49 days, up seven from the running average of 42 days this year.

Houses sold most quickly in June, with an average of 36 days on the market.

  

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