Calgary Home Sales stay strong despite lack of lower priced inventory
May was a busy month for Calgary's real estate market with 3,092 homes sold. Even though this figure is nearly 1% lower than last year's record, it's still 34% higher than long-term average for May. The slight decline in sales was mainly because there were fewer lower priced detached and semi-detached homes available compared to last year.
"Although new listings have increased, much of this growth is in higher price ranges for each property type," said Ann-Marie Lurie, Chief Economist at CREB®. “Our strong economic situation has supported sales growth in these higher price ranges. However, this month's sales could not offset the declines in the lower price ranges due to a lack of supply choice."
In May, 4,333 new listings came on the market, which is almost 19% more than last year. With more new listings than sales, the ratio of sales to new listings fell to 71%, leading to a slight increase in the number of available homes. Despite this, inventory levels are still about half of what we normally see in May, and most of the growth came from homes priced over $700,000.
Even though we saw a bit more inventory this month, it's still a seller's market with just one month of supply. Some areas have even less than a month of supply, while the City Centre has the most with one and a half months. These seller-friendly conditions have pushed prices up in all parts of the city. In May, the average home price was $605,300, which is nearly 1% higher than last month and 10% higher than last May.
Even though we saw a bit more inventory this month, it's still a seller's market with just one month of supply. Some areas have even less than a month of supply, while the City Centre has the most with one and a half months. These seller-friendly conditions have pushed prices up in all parts of the city. In May, the average home price was $605,300, which is nearly 1% higher than last month and 10% higher than last May.
City of Calgary Detached Homes (Single Family)
- Detached sales decreased by 6.7% compared to a year ago
- New listings increased by 13% compared to a year ago
- Inventory increased by 7.5% compared to a year ago
- Benchmark Price increased by 13% to $761,800 compared to a year ago
City of Calgary Semi-Detached Homes (Duplex)
- Semi-Detached sales decreased by 7.2% compared to a year ago
- New listings increased by 34% compared to a year ago
- Inventory increased by 16% compared to a year ago
- Benchmark Price increased by 13% to $678,000 compared to a year ago
City of Calgary Row homes (townhouses)
- Townhouse sales increased by 9% compared to a year ago
- New listings increased by 22% compared to a year ago
- Inventory increased by 4.4% compared to a year ago
- Benchmark Price increased by 19% to $462,500 compared to a year ago
City of Calgary Apartment Units
- Apartment unit sales increased by 6% compared to a year ago
- New listings increased by 22% compared to a year ago
- Inventory increased by 1.8% compared to a year ago
- Benchmark Price increased by 18% to $340,500 compared to a year ago
Click here for full Calgary real estate statistics package.