May 2019 Market Update

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May 2019 Market Update

real estate

May saw a slight increase in number of home sales in Calgary and a decline in new listings.

Citywide benchmark prices totalled $424,600 in May. Real estate prices have shown some signs of improvement month-over-month, but remain 4% lower than 2018 levels.

Real estate sales in May totalled 1,921 units, 11% higher than last year’s levels. However, sales remain 10% below longer-term trends. This sales growth was primarily driven by homes priced under $500,000.

Detached sales in May totalled 1,182 units. This is a 12% increase over last year, but still 13% below long-term averages. The improvement in sales was driven primarily by gains in homes in lower price range.

  • Sales activity increased across most districts in May. However, year-to-dates sales have only increased in the East, South and North East districts of the city. Citywide sales remain one per cent lower than last year’s levels.
  • New listings in May pulled back significantly from previous year’s levels. Combined with an improvement in sales, this resulted in inventories declining from 4,504 units last May to 3,921 units this month. This is the first time since May 2017 that year-over-year inventories declined.
  • Easing inventory and improving sales caused months of supply to ease to 3.3 months. This is still elevated compared to historical levels, but represents an improvement compared to levels from the past year.
  • 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.

Source: CREB

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