Calgary's luxury real estate market rebounds, Sotheby's report says

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There are set ones hand ti of a recovery in Calgary’s higher-end real estate market, with on the brink of 10 per cent more homes worth $1 million to $2 million changing ss ons so far this year, according to Sotheby’s International Realty.

After plummeting with regard to 40 per cent from 2014 to 2015, Calgary’s luxury natural estate market is warming up even as the energy sector downturn extends, the com ny’s mid-year Top Tier Real Estate Report says.

“Inclusive, a surplus of supply and rising rental vacancies solidified the city’s site as a buyers’ market for top-tier real estate in the first half of 2016,” the arrive says.

Sotheby’s says Calgary Real Estate Board (CREB) devices show that sellers have been dropping their prices, sending the benchmark prize down by 3.95 per cent in May.

Even so, a total of 318 properties hawked for more than $1 million in the first six months of 2016, beared to 221 in the second half of 2015.

The $1-million to $2-million category accounted for 289 of those transactions. In the $2-million to $4-million range, 29 properties were sold. No untroubled b ins sold for more than $4 million, Sotheby’s said.

Homes are also dish out less time on the market. In the second half of 2015, properties in the $1-million to $2-million distribute took an average of 68 days to sell. So far this year, they’re offer in an average of 52 days.

The downturn has hit the condominium market hardest, resulting in piddling sales over $1 million in the first half of 2016.

The average yment for detached homes in Upper Mount Royal, Elbow rk, Altadore and Aspen Woods in May 2016 were $1,203,000, $1,531,333, $1,105,412 and $1,149,059 severally.

“Further price adjustments are antici ted for the real estate market in the overthrow as increasingly motivated sellers further amend price expectations,” the piece said.

“This makes the summer a critical period for home sellers in Calgary’s delight real estate market.”

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