Luxury home sales halved in Calgary
The volume of luxury home sales in Calgary has almost halved according to figures from the Calgary Real Estate Board. Sales of homes priced at $1 million or more dropped by 42 per cent in April compared with the same time last year; there were 152 sales this year and 261 in April 2014. Total MLS sales fell by 29.5 per cent in the month. The sharp drop in luxury homes is linked to job security in higher-paying industries as a result of the oil price decline. The figures also show a slight drop in the city’s median MLS listing price which was $484,449 last April and $480,635 now.
As you can see, the overall market has remained just slightly lower than last year at only a 1% decrease while the high end market has really suffered. As the market declines the higher priced homes take the biggest hit first. In fact 359 high end homes have had price reductions as that market softens. This is great news for a buyer looking to move up to the $700000.. and over price range.
If you’re looking at a move up now is a good time based on current market conditions.
If you want to discuss your options I am always available to chat (403) 701-7139