Calgary luxury home sales booming – MLS sales of properties over $1 million continue to rise

Calgary’s luxury home real estate market continues to climb as sales in the first quarter of this year are on an upward trend.

According to Mike Fotiou, associate broker of First Place Realty in Calgary, a total of 74 MLS properties sold for $1 million or more during the month of March, the highest March level ever recorded and the second highest overall, surpassed only by May 2012’s 80 sales.

“Unlike Calgary’s overall housing market which posted a second straight month of negative sales growth year-over-year, activity at the high end of the market continues to – dare I say – boom,” writes Fotiou in a blog on his website.

The 74 sales in March consisted of 59 single-family homes and 15 condominiums. The condo market set a record, eclipsing the previous mark of seven in October 2007 and June 2011.

“To highlight how remarkable 15 high-end condo sales in a month is, in 2012 condos didn’t register their 15th sale until June 8th,” writes Fotiou.

Year-to-date, according to Fotiou, there have been 171 luxury home sales in the first quarter of this year between January and March, a 50 per cent hike from the 114 sold during the same period a year ago.

Fotiou says the first quarter of this year is by far the best in terms of first quarter sales activity in the luxury home market and the second highest quarter overall.

“Historically, (the second quarter) is usually the strongest so it will be interesting to see what the next three months has in store for Calgary’s high-end market,” adds Fotiou.

© Copyright (c) The Calgary Herald

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