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| Appetite for Luxury Homes |
It’s No Secret
A lot has been written in recent news about the ‘hot market’ in Real Estate for the Calgary area. What is still surprising is that luxury homes remains the strongest on the market again. The record monthly transaction level has been the third highest ever for April.
Total Sales Up Again
According to CREB statistics total MLS sales for April 2013 is 2,377 and April of 2014 is 2,545. That’s a 7.70 percent increase. Also interesting is increase in new listings up from April 2013, 3,475 to April 2014 3,754. That’s a whopping 8.3 percent increase in more homes on the market.
Setting a New Peak
What is a stunning new fact is that a new peak for luxury homes is set. During the month of April, according to associate broker with First Place Realty, Mike Fotiou, there have been 79 MLS sales in Calgary of $1 million or more!
Wow! Shorter Time on the Market
According to the recent CREB report, Days on the Market, is down. The average home listing that appeared on the market lasted 33 days in April of 2013 and for the month of April 2014, only 26 days! That is getting close to a 25 percent decrease in days on the market for the average home.
Even Condos Selling in the Luxury Price Category
There were a few condos that sold at the luxury price of $319,615 compared to last years April average of $299,536. In April, 75 single-family homes sold in the luxury price category. This represents a 23.4 per cent hike in sales from a year ago.
Luxury Homes are in Demand
Luxury homes sales are up by 12.8 percent from the same time last year which was also a record breaker. The River condo project in Mission had the most expensive property sold in April, for $3.19 million. Other areas of luxury home sales include Pump Hill, Altadore/River Park, Elbow Park/Glencoe, Springbank Hill, West Hillhurst, West Springs, Discovery Ridge and McKenzie Lake.
Call Chris 403-680-4479
e-mail Chris at: chris@yourhomeinalberta.com
Visit: http://www.liveinokotoks.com/
Visit: www.yourhomeinalberta.com/
