The number of homes sold in April is up from a year ago, and there seems to be some renewed interest in the Calgary market. Citywide sales were 1,547 units in April, and average Days On Market was 55 days. Each of the first 4 months of 2019 we’ve had a reduction of Days On Market.
There is a decline in new listings, and that was enough to start chipping away at overall inventory levels, which have eased slightly compared to last year.
“Demand remains relatively weak in the resale market. However, if supply levels continue to adjust, this could help reduce the amount of oversupply and eventually support some price stability,” said CREB® chief economist Ann-Marie Lurie.
As of April, the total residential benchmark price in Calgary was $415,900. This is slightly higher than last month, but still nearly five per cent lower than last year’s levels.
- Detached sales improved by nearly three per cent in April compared to last year, due to gains in homes priced under $500,000.
- Improving sales did not occur across all districts. In April, there was growth in the North East, North West, South and South East districts of the city.
- Sales activity continues to fall across the city and in most districts. There have been 714 apartment condominium sales so far this year, the lowest level since 2001.
- The decline in new listings has started to outweigh the sales decline, causing inventories to ease. As of April, resale apartment condominium inventories totaled 1,546 units, 16 per cent lower than inventory levels last April.
- Attached sales activity improved compared to last year’s levels for the second straight month, almost offsetting the declines occurring in the first two months of the year.
- Year-to-date sales have improved in all districts except the City Centre, North West and West.
REGIONAL MARKET FACTS
Airdrie – Stronger sales in March and April offset earlier declines, causing year-to-date sales to total 363 units, similar to levels recorded last year. Months of supply remain elevated at five months, but this is a notable improvement compared to last year, when months of supply was over six months.
Cochrane – Despite improving sales in April, year-to-date sales in Cochrane eased by six per cent compared to last year. While inventories and months of supply remain elevated, for the first time since June 2018, the months of supply fell below six months.
Okotoks – Despite some recent improvements in sales, year-to-date sales activity slowed compared to last year. New listings have also eased, but it was not enough to prevent further inventory gains, keeping months of supply above five months.
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Bruce Voigt – REALTOR
MaxWell Canyon Creek