48 MLS sales of more than $1 million
CALGARY — For the second month in a row, Calgary’s resale housing market has set a record for luxury home sales.
In November, there were 48 MLS sales in the city of more than $1 million, the most ever for the month of November, according to the Calgary Real Estate Board.
Last year, there were 34 sales in November in the upper-end market and this year’s total surpassed the previous record of 40 in November set in 2009.
So far this year, there have been a record 505 MLS sales in Calgary for more than $1 million.
The previous high was 458 during the 2007 housing boom.
There were also 51 MLS sales of properties of more than $1 million each in October, which set a record for that month.
The all-time record for luxury home sales in any month was set this year in May when 80 properties sold for more than $1 million.
On Monday, CREB officially released its monthly MLS data for November showing 1,457 total sales in the city, up 8.33 per cent from a year ago. The average sale price also increased by 5.27 per cent to $433,934 and the benchmark price was up 7.28 per cent to $388,800.
New listings dropped by 11.21 per cent to 1,631 while active listings were down 28.23 per cent to 3,831.
“With fewer inventories in the market, consumers are eager to view new listings and if consumers see value they will buy,” said Bob Jablonski, CREB’s president. “However, the market is not demonstrating the same frenzy that we saw during the overheated period.
“Clients are more cautious today and considering all their options. They have reverted back to considering if this is a home they can stay in for many years, because the quick equity gains are less likely.”
CREB said nearly eight consecutive months of double-digit, year-over-year sales growth has caused inventory levels to decline because new listings have not kept up pace.