Average Price of Listings Taken and Average Sale Price
Metro Calgary – Detached Single Family Homes*
|Month of year||Average Price of Listing Taken||Average Sale Price||No. of Sales|
*Source Creb and Cir Realty
- Price changes over time for Single Family Homes with time period of Jan 2015 until October 2016.
- October 2015 had the lowest average price at $519,371 from January 2015 to September 2016. From November 2015 onwards, the average price started to increase.
- The above table shows 8.80% increase on average price in September 2016 for Single Family Homes in comparison to October 2015. December 2016 shows an increase of 10.49% from October 2015.
- By comparing the average price of all listings taken in the Calgary MLS® versus the average price of all listings sold, we begin to see a compelling story between the expectations of sellers and the reality of what buyers are actually willing to pay. This is NOT the same as the very common “list price to sale price” percentage, as many homes that have been listed multiple times or have expired, never actually sell. This chart shows a more realistic story.
The distance between these two values will determine the pace of the current real estate market. The larger the distance between the values, the slower the market will be as the price the average seller wants for their home is higher than what the average buyer will pay. As prices begin to meet buyer expectations, homes sell faster and both values will move toward each other. This illustrates the importance of proper pricing on the part of sellers.