The oil market has had an effect on almost every single part of the Calgary economy, and the real estate market is certainly included. For people in a position to buy a new home however, this means that the median price of homes in the city is starting to sneak down after years of increases. February 2015 prices dropped on average from $482,783 in 2014 to $462,108, an overall decrease of 4.28%. The median price of homes in Calgary has also dropped 1.15%, for a current median of $420,000.
Houses Staying on the Market An Average of 5 Days Longer
For buyers, this is good news, as sellers who have to watch their houses on the market for a longer period of time often become more motivated to become flexible. In February of 2014, the average home stayed on the market for 30 days. A year later, the average home in Calgary is staying on the market 35 days, an increase of 16.67 %. The data available so far in March indicates houses staying on the market even longer, with 37 days being the currently reported number.
Median Condo Sale Price of $267,500 in February
Condos and attached homes in Calgary are dropping in price even faster than detached, single-family dwellings. In 2014, the median price of a condo in the city was $289,950. However, in just a year the price in this month has dropped by 7.7%. Condos are also sitting on the market even longer than the average for all homes, with 40 days being the average days on market this February. That represents a leap of 21% longer than last year.
Average Detached Home Price Down to $526,366
High house prices in Calgary have been making headlines for years, but compared to February of 2014, prices are certainly down at present. Last year, the average Calgary detached house in February sold for $553,493. The current price has dropped by 4.9%, and now averages $526,366. This trend compared to the previous year seems to be continuing into March, where mid-month price averages are down an average of over $13,000 per home compared to last year.
Prices up Instead of Down in Surrounding Areas
While prices might be down when you compare this February to last, that trend doesn’t hold true when you start looking to the suburbs as opposed to Calgary proper. In February of last year, the price for all home types averaged at $468,359 in the areas surrounding Calgary. Year-over-year, the prices have jumped up by 4.04%, to a new average of $487,266. When deciding where to focus your home search, it is worth taking note of the different trends in prices between the exterior and interior parts of the Greater Calgary Area.
In short, things look to be buyer friendly right now in Calgary. The Albertan economy is affecting the local real estate market, with prices trending downward compared to last year, and homes staying on the market for longer periods of time. This could pose some opportunities for people ready to make a purchase on a new home.