the Calgary real estate market

Calgary’s August 2018 Sales Figures Present a Mixed Bag

After hitting a low in December and rising through the spring, home prices are once again starting to fall in the Alberta Canada city of Calgary. In August 2018, the average home sold for $476,983 with 2,691 new properties listed with multiple-listing-services (MLS) during the month. Homes, however, are still selling for 0.4 percent more than they were at this time last year.

The biggest changes in the Calgary real estate market is that sales prices for two-bedroom homes where prices fell by 8 percent over the month. The average selling price for a home in August was $455,000. Compared to three months earlier, two-bedroom homes sold for an average of $490,000 or a loss of $45,000. In February 2018, two-bedrooms homes sold for an average of $537,000 and a year ago the average two-bedroom home was selling for an average of $493,000.

The sale price of three-bedroom homes was also down by 4 percent during August 2018. In August, the average three-bedroom home sold for $467,000. Following the trend seen in two-bedroom homes, the average three-bedroom home sold for $497,000 three months ago, and these homes sold for the same average price six months ago. A year ago, however, these homes were selling for an average price of $489,000. Therefore, those looking to sell a home may have lost $20,000 by not selling a year ago.

There is some good news for owners of homes containing four-or-five bedrooms. Prices for four bedrooms homes were up 4 percent over last year, but the average selling price was still down over three months ago. Four-bedroom homes sold for an average of $588,000 compared to $618,000 at the start of the summer and $611,000 in February. These homes sold for an average of $564,000 a year ago.

Five-bedroom homes sold for an average of $662,000 in August 2018. This compares to $645,000 three months earlier. The average selling price for a five-bedroom home in February 2018 was $702,000 while a year ago these homes were selling for an average of $649,000.

Homes with six bedrooms were the biggest loser year-over-year. Remember, however, that homes with that number of bedrooms are fewer on the market, so averages can get skewed very easily. In August 2018, the average selling price was just $571,000.

Therefore, if you are thinking of selling a home, you may want to think about positioning one of the bedrooms for another purpose. By comparison, however, just three months ago, these homes were selling for an average price of $895,000 and six months ago, they were selling for an average price of $816,000. Looking at year-over-year values, in August 2017, these homes were selling for an average of $725,000.

Looking at the days on market show that homes with higher price tags are moving faster than they did a year ago. Those homes valued at between $1 million and $2.5 million are spending an average of 42 days on the market compared to 46 days during August 2017. Likewise, homes valued at less than $250,000 are spending one day less on the market. In August 2018, these homes spent an average of 49 days on the market compared to 50 days a year earlier.

The majority of homes in the middle in Calgary, however, are spending much longer on the market than they did a year ago. Homes selling for between $250,000 and $500,000 are selling in an average of 47 days in August 2018 compared to 40 days in August 2017 while those homes selling between $500,000 and $750,000 are staying on the market for an average of 47 days compared to 38 days in August 2017. Finally, those homes valued over $750,000 but less than $1 million are staying on the market for an average of 47 days now compared to 35 days last August.

While no one has a crystal ball, if you are looking to sell your home in the near future, then you may want to contact a real estate agent soon. Preferably one who uses professional real estate photography so you have a better chance of selling your home.  Generally, prices fall during the winter time and rise in the spring. If you are looking to buy a home, then there are many reasons that you may want to do it now, as prices may continue to rise in most categories over the longer term.

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