Inventory levels in Calgary remained elevated in August as a rise in new listings outpaced a gain in sales.
Sales overall for the City of Calgary were up 2.04% year-over-year to 1,602 with detached sales up 0.41% to 987; apartment sales down 7.1% to 248; and attached sales up 14.7% to 367.
“Employment growth is contributing to the stability in sales activity, but it is not enough to meet the recent rise in listings and make a substantial dent in inventory levels,” said CREB chief economist Ann-Marie Lurie.
Inventories have surged 16% year-over-year to 6,624, driven by apartment and attached homes. However, months of supply remained stable at just above four due to the increased sales.
Higher inventories have added downward pressure to prices though, with the citywide benchmark price down 0.3% from July to $442,300 (unadjusted) although it was 1% above August 2016.
For detached homes, the benchmark for August was 1.5% higher than a year earlier at $510,900.
For apartment condos, the year-over-year decline is 3% to $263,300. That price is down 1% from July and CREB expects the trend to continue due to elevated supply.
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