Calgary Home Sales Update April 2021

Demand for homes remains high with record sales in April 

City of Calgary, May 3, 2021 –

There were 3,209 sales in April, a new record high for the month, as Calgary's housing market continues to bounce back from the pandemic lows recorded in 2020.

"Despite entering the third wave of COVID-19, there is more optimism of economic recovery when the economy re-opens," said CREB® chief economist Ann-Marie Lurie.

"However, the recent surge in home sales could be a result of potential buyers wanting to enter the market before any further changes occur in prices, interest rates and lending policy. This could erode some of their purchasing power."

Recent price gains and tight market conditions have also encouraged many sellers to list their home this month. However, demand was strong enough to absorb the additional supply, ensuring the market continues to favour the seller.

With 4,670 new listings coming onto the market in April, inventory levels trended up relative to last month and last year. With the elevated sales, the months of supply remains below two months.

Persistently tight market conditions are causing significant upward pressure on prices. For the second consecutive month, the unadjusted benchmark price rose by more than two per cent compared with the previous month and more than nine per cent compared with last year's levels.

While sales improved across most price ranges, product priced above $600,000 represented 25 per cent of the sales that occurred this month. This is a significant increase from last year when they only represented 12 per cent of sales. The shift in distribution is causing both the average and median prices to record double-digit year-over-year price gains.

 
No. of New Sale
No. of New Listings
Sale Price to List Price Ratio
Median Price
Average Price
AvG. Days on Market
Apr-21
3209
4696
99%
$455,000
$508,901
33
Mar-21
2895
4450
98%
$460,000
$505,644
35
Feb-21
1826
2858
98%
$440,000
$484,181
45
Jan-21
1204
2254
97%
$418,250
$471,566
57
Dec-20
1200
1173
97%
$403,250
$447,530
59
Nov-20
1438
1733
97%
$415,000
$455,897
55
Oct-20
1764
2471
97%
$420,000
$473,917
53
Sep-20
1718
2749
97%
$417,575
$466,549
54
Aug-20
1582
2595
97%
$415,150
$468,527
52
Jul-20
1834
3036
97%
$420,000
$466,058
53
Jun-20
1763
3346
97%
$410,000
$460,099
55
May-20
1077
2422
96%
$401,000
$439,470
60


Detached

Detached homes hit a new record high for the month with 2,046 sales in April.

Gains in new listings helped support stronger sales, but they did little to ease the persistent sellers' market conditions. The months of supply remained well below two months in this segment, which is contributing to a steady climb in prices.

As of April, the benchmark price rose to $529,100. This is nearly 11 per cent higher than last year and more than $30,000 higher than levels recorded at the start of 2021. The recent gains were enough to push the benchmark price to a new high, reflecting full price recovery from 2014 levels.

Strong price gains occurred across most districts in the city thanks to persistently tight conditions. However, the pace of price adjustments did vary depending on location. The City Centre district has seen the slowest rebound and prices remain nearly seven per cent below previous highs.

 
No. of New Sale
No. of New Listings
Sale Price to List Price Ratio
Median Price
Average Price
AvG. Days on Market
Apr-21
2043
2772
99%
$523,000
$594,429
25
Mar-21
1854
2612
99%
$528,694
$595,019
29
Feb-21
1113
1572
99%
$512,000
$570,936
37
Jan-21
729
1115
97%
$482,000
$559,792
53
Dec-20
716
600
97%
$458,700
$532,881
54
Nov-20
881
893
97%
$476,500
$536,878
51
Oct-20
1134
1326
97%
$478,250
$552,776
47
Sep-20
1050
1479
97%
$477,750
$546,429
50
Aug-20
989
1479
97%
$474,500
$549,815
46
Jul-20
1171
1665
97%
$480,000
$543,999
49
Jun-20
1106
1900
97%
$472,124
$538,569
51
May-20
675
1364
96%
$460,000
$513,289
54

Semi-Detached

Following several months of strong sales, year-to-date sales reached record highs in April with 888 sales.

This is the only property type to reach record highs based on year-to-date figures. Gains occurred across every district and price range. Like the other sectors, gains in new listings were not enough to move the market out of sellers' conditions, as the months of supply remained below two months.

The tight market conditions supported price growth across all districts, with the strongest year-over-year gains occurring in the North, North West, and South East districts. In April, year-over-year price gains in these districts were above 12 per cent, which was enough to support new monthly record-high prices.

 
No. of New Sale
No. of New Listings
Sale Price to List Price Ratio
Median Price
Average Price
AvG. Days on Market
Apr-21
299
433
99%
$450,000
$537,761
36
Mar-21
268
394
99%
$414,950
$489,239
38
Feb-21
179
254
98%
$465,000
$523,321
41
Jan-21
140
212
97%
$387,750
$478,372
59
Dec-20
127
118
97%
$370,000
$454,596
61
Nov-20
153
165
97%
$390,000
$468,346
61
Oct-20
174
237
97%
$373,938
$459,896
56
Sep-20
153
279
97%
$401,500
$477,593
53
Aug-20
142
241
97%
$416,750
$495,667
65
Jul-20
202
288
97%
$365,043
$437,885
60
Jun-20
185
300
97%
$365,000
$433,494
60
May-20
127
249
96%
$349,900
$426,824
71

Row

After the first four months of the year, row sales totalled 1,217 units. This the best start to the year since 2007, and well above long-term averages.

New listings in this sector have also been on the rise, causing inventories to trend up. Supply has risen above levels recorded last April, but strong sales compared to inventory levels have caused the months of supply to remain just above two months. This is significantly lower than the longer-term average, which is closer to four months.

While these conditions have only persisted over the past three months, prices have been slower to climb. As of April, row benchmark prices climbed to $293,400. Prices have been trending up across all districts of the city, but they remain well below previous highs.

 
No. of New Sale
No. of New Listings
Sale Price to List Price Ratio
Median Price
Average Price
AvG. Days on Market
Apr-21
424
629
98%
$305,000
$330,326
45
Mar-21
383
572
98%
$300,000
$327,688
45
Feb-21
258
454
97%
$300,000
$326,171
54
Jan-21
150
373
97%
$290,000
$302,360
67
Dec-20
169
167
96%
$268,000
$301,591
67
Nov-20
191
262
97%
$287,500
$312,655
60
Oct-20
216
339
97%
$283,500
$316,214
64
Sep-20
256
397
97%
$290,000
$329,129
61
Aug-20
217
366
97%
$288,500
$307,542
60
Jul-20
201
429
96%
$290,000
$305,885
49
Jun-20
243
476
96%
$282,000
$305,710
58
May-20
144
360
96%
$273,000
$283,752
70

Apartment Condominium

Further improvements in April resulted in 1,280 year-to-date sales in this sector, which is the strongest sales seen over the past six years.

New listings also remained high compared to typical levels and inventories continued to rise. There was more inventory in the market, but the improvement in sales did cause further reductions in the months of supply.

In April, the months of supply was just over four months. This is fairly consistent with longer-term trends and reflects the most balanced conditions seen for some time. With less oversupply in the market, prices have been trending up and in April the benchmark price was $251,900. This is more than three per cent higher than last year.

Price improvements did vary by location and it will take some time for prices to recover to previous highs.

For example, there was a two per cent year-over-year increase in the City Centre, where most of the condo sales occur, but prices remain nearly 17 per cent lower than previous highs.

 
No. of New Sale
No. of New Listings
Sale Price to List Price Ratio
Median Price
Average Price
AvG. Days on Market
Apr-21
440
838
96%
$234,000
$265,229
57
Mar-21
383
868
96%
$230,000
$261,327
54
Feb-21
271
572
96%
$238,000
$252,223
70
Jan-21
185
552
95%
$220,000
$268,992
66
Dec-20
185
288
95%
$212,500
$245,449
73
Nov-20
210
407
95%
$215,000
$235,219
66
Oct-20
233
562
95%
$224,210
$241,970
67
Sep-20
242
584
95%
$229,000
$258,779
67
Aug-20
223
497
96%
$228,000
$251,339
62
Jul-20
263
643
95%
$238,600
$261,609
70
Jun-20
232
672
95%
$219,250
$264,352
73
May-20
135
450
94%
$213,000
$237,921
67

REGIONAL MARKET FACTS

Airdrie

Sales activity remained strong in April, as purchasers took advantage of the gains in new listings this month. The recent rise in new listings has caused inventories to increase relative to the past several months, but it did little to ease the sellers' market conditions that have existed since last year.

Persistent sellers' market conditions placed upward pressure on prices, which as of April sit nearly 10 per cent higher than last year.

Prices started improving last year, but over the past several months the months of supply have been just over one month, contributing to the faster pace of price growth this month.

As of April, the benchmark price was $365,100. This is only slightly lower than record highs, due to lower price figures from the apartment and row sectors. Both the detached and semi-detached sectors have seen prices fully recover to previous highs.

Cochrane

April sales rose again compared with last month's record highs.

New listings also remained elevated, but it was not enough to meet the demand, as the 178 sales outpaced the 161 new listings. Inventory fell to 172 units, which is the lowest April level recorded since 2007.

The months of supply dropped below one month in April, which is causing steep price gains. The unadjusted benchmark price in April hit a new record high at $439,300. This is nearly four per cent higher than last month and eight per cent higher than last year's levels.

Okotoks

Improvements in new listings this month were nearly matched by sales activity, keeping inventory low.

In April there were 108 units in inventory, which is over 50 per cent lower than typical levels for this month. The low inventory levels and strong sales caused the months of supply to fall to one month.

Like other areas, Okotoks is experiencing strong price growth. In April, the unadjusted benchmark price reached a new record high at $463,000. This is nearly three per cent higher than last month and over 11 per cent higher than prices recorded last year.

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Phone(403) 270-7601

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Address Ray Riley
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