It may soon be a little more difficult to find a single family resale home in the city of Calgary. Calgary Real Estate Board’s Ann-Marie Lurie, one of their chief economists, notes that at present the demand for such homes far exceeds what is available on the market. In turn, this demand has increased the price points for these homes.
The northwestern part of the city is showing a particularly strong demand, with more homes selling and at a faster pace this past June, compared to the rest of Calgary. This is Zone A, and it counted 602 sales, averaging $501,865 per home. This is the second highest average price within Calgary’s four real estate zones. Zone C in the southwest, had 462 sales but at a higher average dollar amount at $594,522 per home.
Resale homes spent less time on the market in Zone A, averaging 34 days. Compare that to Zone D with 36 days, the southeastern end of the city, Zone B on the northeast end, with 37 days and Zone C coming in at 38 days.
The Tuscany and Coventry Hills neighbourhoods saw the most sales in Zone A, coming in at 35 each. St Andrews Heights saw the fastest sales, with homes averaging just 10 days on the market. The exclusive Lynx Ridge neighbourhood only had one sale, but the home went for $1.425 million. The Ranchlands and Bowness areas had the most affordable single family properties, with a median price of $317,000 on sales.
Zone B’s Taradale area had the most sales in that section, with 30 properties changing hands and bringing in an average of $336,988 per home. Single family properties averaged 30 days on the Multiple Listing Service, or MLS, in this neighbourhood. West Dover and Castleridge saw the fastest sales in Zone B averaging 11 days on the market. They had two and three sales respectively. Radisson Heights was Zone B’s mort affordable area, with an average price per home at $195,800. Altogether, Zone B ended up being the most affordable area in Calgary. Single family home prices averaged $297,722 per home.
Mount Royal, located in Calgary’s Zone C, ended up with the highest average price citywide. On a total of three sales, the median price was $2.350 million, while the average came in at $1.903 million. A median price is the middle price for that locale. Mount Royal homes also averaged 25 days on the market. The fastest sale was in Shaganappi, which at $452,700 sold in just two days. The Evergreen neighbourhood saw 25 homes changing hands, making this the most popular Zone C area.
Cranston, located in Zone D came in with 40 sales, making this the most popular neighbourhood in Calgary. That same zone’s Willow Park Estates sold two homes averaging $1.2 million, and was the most expensive neighbourhood in Zone D. The Douglasglen area saw four sales, with an average of 12 days on MLS, making it the fastest selling neighbourhood in this zone.
Lurie advises that those looking for homes also have the option of picking up a townhouse or a condo, or choosing something in one of the outlying towns. She also notes that in the single family resale sector, the price gains are being generated largely because of the current imbalance between available homes and consumer demand.