March saw a modest decline in city wide sales activity compared to last year. However, sales have been rising for more affordable product in the detached and attached sectors.
First-quarter sales dropped to 3,108 units. This is nine per cent below last year and 28 per cent below typical levels of activity.
Price declines and relatively slow sales activity are impacting the number of new listings. For the second consecutive month, new listings eased compared to last year’s levels and long-term trends, but it was not enough to prevent inventory growth.
With 6,595 units in inventory in March, the months of supply eased to five months. This is an improvement over the past several months, but still considered oversupplied when compared to levels traditionally recorded in March.
The oversupply in the Calgary market has caused further price declines this month. As of March, benchmark prices eased to $413,900, five per cent below last year’s levels and just below levels recorded last month.
- First-quarter sales declined by nearly nine per cent compared to last year and 30 per cent below typical levels of activity.
- In March, citywide detached sales improved for all homes priced under $500,000.
- Resale condominium sales fell by 14 per cent in March, causing first-quarter sales to total 464 units, 17 per cent below last year.
- Citywide, apartment condominium prices fell by 0.7 per cent from last month and 2.6 per cent over last year. However, in both the North East and South East districts, prices posted a modest gain over last year.
- Despite the gains in March, year-to-date sales remain four per cent below last year’s levels and 16 per cent below long-term averages.
- Prices continued to trend down for semi-detached product. March’s benchmark price was $391,000, nearly six per cent below last year’s levels and 0.4 per cent below last month’s price. However, the North district saw different results, as tightening months of supply supported a modest gain in prices compared to both last month and last year.
REGIONAL MARKET FACTS
- First quarter sales were seven units less than last years levels, but the number of new listings also declined by 47 units over the same period.
- Cochrane’s first quarter sales and new listings were 114 units and 330 units, respectively, both declining over last years levels. However, the relatively steeper pull-back in sales caused inventories to rise and months of supply to average eight months in the first quarter.
- In the first quarter both sales and new listings slowed compared to last year. However, the pull-back in new listings was not enough to reduce inventory levels in the market and months of supply remained elevated averaging 7.7 months in the first quarter.
If you would like more information about this report or about making a move in the next 6 months, call me today…I’d be happy to help you buy or sell your home!
Bruce Voigt – REALTOR
MaxWell Canyon Creek
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