Luxury home sales are up 20% in Calgary

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The luxury home market in Calgary has rebounded after last year’s dip in sales numbers, with home sales over $1-million up over 20 per cent from last year.

Home sales in the city valued at more than $1 million totalled 118 over the first three months of the year – up more than 20 per cent from 98 during the same period last year. In March, $1-million-plus sales totalled 54, up from 49 in 2015. [CREB]

This shows an increase in the luxury sector, whereas overall sales in the city have actually declined nearly 10 per cent, so this increase is quite significant. A further breakdown of luxury home sales in the city reveals more trends:

  • 60 $1-million plus sales in City Centre, up 13 per cent
  • 10 $1-million plus sales in the northwest, up 100 per cent
  • 11 more $1-million plus sales from 2015 in the southeast, a 450 per cent increase

*Numbers reflective of the first quarter of 2016, compared to the first quarter of 2015.

In this story by CREB Real Estate News, the increased sales activity is estimated to be due to sellers’ finally adjusting to the current market conditions and pricing their homes accordingly.

Price reductions in the $1-million plus segment of the market are often higher because the home is worth more money, so even a small percentage drop is going represent a larger sum compared to the mid-range of the market. [CREB]

Many factors could be contributing to this increased sales activity in the luxury sector in Calgary, but regardless the reasons why, it’s great to see some positive activity happening in the real estate market. It’s important to remember that despite overall decreases, there have always been sectors of the city that have continued to perform well. For instance, the northwest continues to outpace the rest of the city.

If you’re interested in the homes on the market right now, particularly the luxury market, feel free to browse our featured listings or citywide listings on our website.

 

 

 

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