Sales growth in May was met with a decline in new listings. This combination eased the pressure on inventory levels, which finished the month at 7,467 units, a decline of 12 per cent compared to last year.
Citywide sales in May totalled 1,921 units, 11 per cent higher than last year’s levels. However, sales remain 10 per cent below longer-term trends. This sales growth was primarily driven by homes priced under $500,000.
Citywide benchmark prices totalled $423,100 in May. Prices have shown some signs of improvement month-over-month but remain four per cent lower than 2018 levels.
HOUSING MARKET FACTS
Detached – Detached sales in May totalled 1,182 units. This is a 12 per cent increase over last year, but still 13 per cent below long-term averages. Prices have remained relatively stable over the past few months, with some modest monthly improvements. However, the oversupply scenario has left prices four per cent lower than last year and seven per cent lower than 2014 highs.
Apartment – Year-to-date apartment sales sit at 1,030 units. This is seven per cent lower than last year and 28 per cent lower than longer-term averages. May benchmark prices totalled $246,900, 0.6 per cent lower than last month and nearly three per cent lower than last year’s levels.
Attached – Attached sales activity continue to improve in May. Year-to-date sales improved by two per cent, making this the only sector to record a year-to-date improvement. Benchmark prices remain five per cent lower than last year’s levels but have seen some modest gains on a month-to-month basis. Despite some signs of improvement, prices remain 10 per cent lower than 2014 highs.
REGIONAL MARKET FACTS
Airdrie – May sales activity remained similar to last year, pushing year-to-date sales to 514 units. This is slightly higher than last year’s levels. The May benchmark price in Airdrie was $331,900, similar to last month, but nearly four per cent below last year’s levels.
Cochrane – Year-to-date sales in the area remain slightly slower than last year, but higher than activity recorded throughout the recession. May benchmark prices totalled $404,700, just below last month and over four per cent less than last year’s levels.
Okotoks – Year-to-date sales of 208 units are similar to last year’s levels, but lower than long-term averages for the area. Overall benchmark prices of $408,200 remain five per cent lower than levels recorded last year.
Here are 3 reasons why it’s a great time to buy a new home right now:
- Great selection available(there are many listings in all price ranges for you to choose from)
- Prices are still down(prices still remain lower than last years levels, and could be on the rise)
- Interest rates remain low(the Bank Of Canada has decided that the current interest rate remains appropriate, for now. It will, however, be keeping an eye on developments in household spending, oil markets and the global trade environment going forward)
For more information about this report, or if you’re looking at buying a new home or selling your current home, please call me today! I can help you achieve your goal.