Jun 20, 2014, Annual dollar volume lifts Calgary housing market above 2007 boom

By Mario Toneguzzi, Calgary Herald

Calgary’s resale housing market is on pace to set an all-time high for the best annual dollar volume for MLS transactions, eclipsing the mark set during the city’s housing boom in 2007.

According to the Calgary Real Estate Board, all MLS residential sales in the city so far this year, up to Thursday morning, totalled just over $6.2 billion in value.

The record was set in 2007 of $11.3 billion. Last year, total dollar volume for the year was $10.7 billion.

Year-to-date, there have been 12,898 MLS transactions in Calgary.

In 2007, there were 26,611 sales for the year.

This year’s housng market has been buoyed by strong monthly activity like May which was a record-breaking month for the city.

All-time highs were set for the median and average MLS sales price, the number of properties sold for the month of May, and the level of luxury home transactions.

In the City of Calgary, there were 2,948 MLS sales, up 16.29 per cent from a year ago while the median price rose by 7.14 per cent to $435,000 and the average sale price was up by 5.44 per cent to $486,531.

Monthly sales were also the second highest total ever behind only March 2007’s 3,283 transactions.

Previous price records were registered in March of this year at $430,000 for the median price and $484,918 for the average sale price.

There were also 94 properties sold in the $1-million plus price point in May, eclipsing the previous record for any month of 83 in May 2013.

So far this month, June is also showing a continuation of strong residential real estate activity in the city.

According to CREB, from June 1-19, there were 1,704 MLS sales, up 15.14 per cent from the same period a year ago. The median price of $434,950 has increased by 6.09 per cent while the average sale price has risen by 6.99 per cent to $496,270.

New listings of 2,626 in June are up 24.81 per cent from last year and active listings of 4,902 have risen by 1.47 per cent.