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Real Estate

NEWSLETTER

 

Peter Kusch

Tel.: 403-990-7990

 

 April 2021


 

 

THE BEST MARCH SALES IN OVER A DECADE

Low interest rates, improved savings and pent up demand were behind a phenomenal 2,903 sales  - the highest number since 2007. The citywide months of supply fell below two months, which is the lowest months of supply since 2014.

Detached

While new listings did improve, inventory levels remained relatively low at 2,409 units, causing the months of supply to drop to just over one month. Prices in most districts remain below previous monthly highs, but recent gains in both the North and South East have supported full price recovery in those areas. The median price in March was 12.3% higher than in the last March.

Semi-Detached

Steady gains in sales caused first-quarter sales totals to reach nearly record highs for this property type. Improving new listings were not enough to offset the sales and the months of supply fell below two months for the first time since 2014. The median price in March was 1.7% higher than last year.

Row

Echoing the results of other property types, sales activity for row properties has risen far above long-term averages. However, it is the first time since 2014 that the month of supply has fallen below three months. The row-property market has taken longer to see tighter conditions, but the recent tightening is starting to have a more significant impact on price. The row median price was 2% higher than last year.

Apartment

For the third month in a row, sales activity was stronger than the previous year. New listings also rose and are causing some inventory gains. Despite the inventory gains, sales have been far better than levels seen over the past six years and the months of supply did trend down to the lowest March levels since 2014. Unfortunately, the median price of $230,000 was the same as in March 2020.

 

 
 

 The average number of days on the market (Calgary Metro)

 

 

Average days on the market in 

March 2021

Average days on the market in 

March 2020

 

Detached  

 

29

47

 

Apartment

 

53

58

 

Row

 

45 57

 

Semi-detached

 

 

38

 

 

64

 

 

Median price (Calgary Metro)

 

 

Median price in  

March 2021

Median price in

March 2020

Percentage change

 

Detached

 

  $527,950

$470,000

12.33%

 

Apartment

 

$230,000

$230,000

0%

 

Row

 

$300,000

$294,000

2.04%

 

Semi-detached

 

 

$414,900

 

 

$408,000

 

 

1.69%

 

The median price is where half sell for more and half for less.

 

Months of supply (Calgary Metro)

 

January 2018 4.83
February 2018 4.73
March 2018 4.64
April 2018 4.82
May 2018 4.91
June 2018 4.65
July 2018 5.46
August 2018 5.47
September 2018 6.28
October 2018 5.56
November 2018 5.55
December 2018 6.18
January 2019 6.81
February 2019 6.03
March 2019 4.96
April 2019 4.57
May 2019 3.89
June 2019 4.24
July 2019 4.36
August 2019 4.45
September 2019 5.02
October 2019 4.49
November 2019 5.05
December 2019 5.30
January 2020 5.87
February 2020 4.59
March 2020 4.91
April 2020 9.71
May 2020 5.38
June 2020 3.66
July 2020 3.62
August 2020 4.11
September 2020 3.66
October 2020 3.31
November 2020 3.50
December 2020 3.06
January 2021 3.35
February 2021 2.46
March 2021 1.87

 

 

 Source: Calgary Real Estate Board

Calgary Metro-within Calgary City Limits