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Real Estate

NEWSLETTER

 

Peter Kusch

Tel.: 403-990-7990

 

 June 2019


 

 

SALES ACTIVITY IMPROVES FOR THE SECOND CONSECUTIVE MONTH

 

Sales growth in May was met with a decline in new listings. This combination eased the pressure on inventory levels, which finished the month at 7,467 units, a decline of 12 per cent compared to last year.

Citywide benchmark prices totalled $423,100 in May. Prices have shown some signs of improvement month-over-month but remain four per cent lower than 2018 levels.

Detached.

•             Detached sales in May totalled 1,182 units. This is a 12 per cent increase over last year, but still 13 per cent below long-term averages. The improvement in sales was driven primarily by gains in homes priced under $500,000.

•             New listings in May pulled back significantly from previous year’s levels. Combined with an improvement in sales, this resulted in inventories declining from 4,504 units last May to 3,921 units this month. This is the first time since May 2017 that year-over-year inventories declined.

•             Prices have remained relatively stable over the past few months, with some modest monthly improvements. However, the oversupply scenario has left prices four per cent lower than last year and seven per cent lower than 2014 highs.

Apartment.

•             The improvement in monthly sales was not enough to offset previous declines. Year-to-date apartment sales sit at 1,030 units. This is seven per cent lower than last year and 28 per cent lower than longer-term averages. Easing sales were met with fewer new listings, reducing the market inventory. This pushed months of supply to just over five months.

•             May benchmark prices totalled $246,900, 0.6 per cent lower than last month and nearly three per cent lower than last year’s levels. This is resulting in a total price adjustment of over 17 per cent since 2014.

Attached.

•             New listings have also pulled back relative to sales. This is causing inventories to ease compared to last year and months of supply to trend down.

•             Benchmark prices remain five per cent lower than last year’s levels but have seen some modest gains on a month-to-month basis. Despite some signs of improvement, prices remain 10 per cent lower than 2014 highs.

 

 Average days on the market (Calgary Metro)

 

 

Average days on the market in 

May 2019

Average days on the market in  

May 2018

 

Detached  

 

50

40

 

Attached

 

61

51

 

Apartments

 

70 59

 

 Attached category includes condominium townhouses and duplexes.

  

Median price (Calgary Metro)

 

 

Median price in  

May 2019

Median price in  

May 2018

Percentage change

 

Detached

 

  $480,500

$500,000

-3.9%

 

Attached

 

$327,750

$345,350

-5.1%

 

Apartments

 

$242,000

$250,000

-3.2%

 

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 2.90
May 2017 2.95
June 2017 3.12
July 2017 4.12
August 2017 4.15
September 2017 4.71
October 2017 4.41
November 2017 4.03
December 2017 4.29
January 2018 4.83
February 2018 4.73
March 2018 4.64
April 2018 4.82
May 2018 4.91
June 2018 4.65
July 2018 5.46
August 2018 5.47
September 2018 6.28
October 2018 5.56
November 2018 5.55
December 2018 6.18
January 2019 6.81
February 2019 6.03
March 2019 4.96
April 2019 4.57
May 2019 3.89

 

 

 Source: Calgary Real Estate Board

Calgary Metro-within Calgary City Limits