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Real Estate

NEWSLETTER

 

Peter Kusch

Tel.:990-7990

 

 May 2017


 

 

HOME PRICES REMAIN STABLE IN MAY

Apartment-style inventory levels totaled 1,780 in May, 11% higher than last year’s levels and accounting for nearly 30% of city wide inventory. Inventory gains were mostly under $300,000 and occurred across all districts except the North West.

Apartment benchmark prices totaled $271,200 in May, 2.9% below May 2016 price, and over 11% below 2014 monthly highs.

Apartment price adjustments have varied across the city, with the largest peak to trough declines occurring in the South East, South and City Centre district. This is likely related to the amount of new condominium construction in these areas.

Detached sales improved across all price ranges representing 65% of all Calgary sales in May, the highest level since 2012. The largest detached sales growth occurred in the $600,000 - $999,999 range.

The North West sector recorded the tightest market conditions in the detached sector. Months of supply have averaged below two months in the detached sector, which accounts for over 70% of sales in the area.

Tighter conditions have supported modest price growth so far this year.

The west area has seen the most significant turnaround in detached prices this year. Year-to-date benchmark prices are $713,580. This is a 2.7 per cent increase over last year and just below highs recorded in 2015.

Calgary’s statistics:

  • 2,119 – Total residential MLS sales in Calgary in May, 10% increase in comparison to May 2016.
  • 6,188 – Active listings in the city last month, almost identical to 6,177 in May last year.
  • Year-to-date total sales increased by 14% over the last year.
  • It took 37 days on average to sell a property in May 2017 as oppose to 42 days in 2016.
  • 308 properties valued over $1M were sold year-to-date versus 237 in the same period last year.
  • Sale to list price in May 2017 was 97.6% – slightly higher than 97.2% achieved in May 2016.
  • Months of supply: Detached – 2.1; Attached – 3.2; Apartments – 6.3.

 

 Average days on the market (Calgary Meto)

 

 

Average days on the market in 

May 2017

Average days on the market in  

May 2016

 

Detached  

 

31

39

 

Attached

 

44

46

 

Apartments

 

55 49

 

 Attached category includes condominium townhouses and duplexes.

  

Median price (Calgary Metro)

 

 

Median price in  

May 2017

Median price in  

May 2016

Percentage change

 

Detached

 

  $510,000

$489,000

4.3%

 

Attached

 

$344,000

$356,500

-3.5%

 

Apartments

 

$270,000

$280,000

-3.6%

 

The median price is where half sell for more and half for less.

 

Months of supply (Calgary Metro)

 

January 2014 1.57
February 2014 1.47
March 2014 1.26
April 2014 1.55
May 2014 1.57
June 2014 1.82
July 2014 2.05
August 2014 2.07
September 2014 2.13
October 2014 1.97
November 2014 2.16
December 2014 2.99
January 2015 5.31
February 2015 4.57
March 2015 3.19
April 2015 2.85
May 2015 2.44
June 2015 2.32
July 2015 2.53
August 2015 3.16
September 2015 3.85
October 2015 3.93
November 2015 4.21
December 2015 4.94
January 2016 6.57
February 2016 5.04
March 2016 3.83
April 2016 3.54
May 2016 3.20
June 2016 2.95
July 2016 3.26
August 2016 3.61
September 2016 3.97
October 2016 3.30
November 2016 4.06
December 2016 4.04
January 2017 4.36
February 2017 3.35
March 2017 2.71
April 2017 2.87
May 2017 2.92

 

 

 Source: Calgary Real Estate Board

Calgary Metro-within Calgary City Limits