There was further improvement for home sales in Calgary in May with 1,921 citywide sales marking an 11.1% rise from a year earlier.
But even with a double-digit boost, sales remain 10% below the 10-year average and are primarily at the $500,000 and below market.
Meanwhile, inventory in the market slipped 12% year-over-year with 7,467 available units representing a 4-month supply, down from the 5 months recorded in May 2018.
“While sales activity remains low based on historical activity for May, the easing prices have brought some people back to market, while also preventing some others from listing their homes,” said CREB® chief economist Ann-Marie Lurie.
With the market returning to more balanced conditions, Lurie says that it could limit some of the downward pressure on the city’s home prices; the benchmark price of $423,100 is 4% below 2018 levels.
By property type
Detached sales in May totalled 1,182 units, up 12% year-over-year but still 13% below long-term averages. The improvement in sales was driven primarily by gains in homes priced under $500,000.
Inventory for detached homes was down to 3.3 months of supply and prices are steady but 4% below May 2018.
For apartments, there was an improvement in monthly sales but not enough to offset previous declines. That means that year-to-date apartment sales sit at 1,030 units, 7% lower than last year and 28% lower than longer-term averages.
Inventory remains elevated at 5 months but there were fewer new listings in May.
May benchmark prices totalled $246,900, 0.6% lower than last month and nearly 3% lower than last year’s levels.
Year-to-date sales of attached homes are up 2% following further improvement in May. Inventory and new listings are trending lower.
Benchmark prices remain 5% lower than last year’s levels but have seen some modest gains on a month-to-month basis.
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