December 2014 Calgary Real Estate Statistics

December was an interesting month in terms of Calgary real estate sales. As the year came to an end, it was evident that condominiums and townhomes had become a driving force in home sales.

December was the first month in about 2 years where sales decreased on a year-over-year basis. At the same time, however, it was the 35th month in a row that sales price increases were recorded. House prices went up last month by 4.5% to an average of $475,036 while sales went down by 7.5% to 1,083.

Last year was a record-setting year for home prices with the median price reaching $427,000 and the benchmark price going up to $411,417. Last year was also the fourth highest in terms of single-family sales with 17,185 units sold. This was an increase of 5.5% over 2013.

The benchmark price of a condo went up by 8.7% to $266,350 while the median price went up by 9.2% to $285,000. The average price for a condominium in 2014 went up by 8.2% to $324,122.

There was also a new record set in the number of townhouses sold last year with a total of 3,737 units changing hands. This was a 17.7% year-over-year increase. Records were also set for the median and the average price of a townhouse in Calgary. The benchmark price went up to $294,692, which was a 6.3% increase, the median price went up to $330,000, which was a rise of 7.8% and the average price went up 6.1% to $362,571.

With inventory dwindling in the single-family home market for properties that were worth less than $400,000, the condo and townhouse sectors were booming. It's expected that this trend will continue into 2015. Stay tuned for the full forecast for 2015, which will be released by the Calgary Real Estate Board on January 14.