The real estate market is finally trending towards stabilization.
For the last four months in a row, inventories have declined compared to the respective months last year due to an improvement in sales and a decline in new listings.
With that said, the year-to-date sales activity still remains below last year’s levels and well below the long term average. Year-to-date benchmark prices remain over 4% below last year’s levels as well.
There is an improvement in July but year-to-date condo sales have eased by over 4% and remain well below long term averages. The rental supply and new-builds have had an impact on the resale market. The condo market conditions still favour the buyer as the prices continue to go down.
Attached Home Market:
The attached sector (townhomes and semi-detached) is the only sector reporting growth in year-to-date sales. However, prices still remain over 3% lower than last years recorded levels and well below historical highs.
The detached market trends are a little harder to analyze as they vary significantly by price range. For example, year-to-date sales for homes priced under $500,000 have improved by 11% compared to 2018 while sales over $500,000 have declined by nearly 16%. The detached benchmark prices for July were $488,400. That is 3% lower than last year. New detached listings are starting to slow down reducing inventory in most price ranges. We are starting to see a year over year decline in supply except for homes listed over a million dollars.
It is slowly trending towards a balanced market however we’re not in recovery yet. It is still a buyer’s market.
For the detailed market statistics from the Calgary Real Estate Board for July 2019 click HERE.