In the previous month, Calgary’s resale market showed resilience with 3,092 home sales, mainly due to decreases in lower-priced semi-detached and detached properties. While this is slightly below last year’s record high, it is significantly higher than long-term trends.
“Although there has been an increase in new listings, most of this growth is in higher price ranges for each type of property,” said Ann-Marie Lurie, chief economist at CREB.
“Our strong economic conditions have supported sales growth in these higher price ranges. However, the sales this month could not make up for the declines in the lower price ranges due to limited supply options.”
Seller’s market with low inventory persists
New listings in May reached 4,333 units, about 19% higher than the previous year. Although the sales-to-new listings ratio dropped to 71%, inventory remained at nearly half of the usual amount seen in May, favoring sellers.
Detached homes
Year-over-year sales of detached homes decreased by 7%, with supply just over one month. The unadjusted benchmark price for May reached $761,800, slightly higher than the previous month and 13% higher than last year.
Semi-detached homes
Sales of semi-detached homes increased by almost 11% year-to-date, with one month of supply favoring sellers. The benchmark price for semi-detached homes in May was $678,000, slightly higher than the previous month and 13% higher than May of the previous year.
Row homes
May saw 540 sales of row homes with less than one month of supply. The benchmark price for row homes was $462,500, nearly 2% higher than the previous month and over 19% higher than last year.
Apartment condominium homes
Sales of apartment condominium homes continued to rise, with a year-to-date gain of 19% and just over one month’s supply. Prices also continued to increase compared to the previous month and last year, showing an increase of 13% to 30% across different districts.
Review Calgary’s city and regional updates for May, including area summaries.
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