People are saying that the market is cooling but the stats sort of says otherwise.
Sales reached 2,915 units in June – a record high for the month. But it feels as though the market is cooling as supply is catching up to demand. New listings in June totalled 4,135, the second-highest level ever recorded for the month. This caused inventories to trend up to 6,918 units.
This means that there are more options for buyers, less pressure, and fewer competing situations. As the market continues to move towards more balanced conditions, the pace of price growth is also slowing.
With a sales-to-new-listings ratio of 76 percent and the months of supply below two months, benchmark home prices continue to rise. The unadjusted detached benchmark price totalled $537,200 in June, nearly one percent higher than last month and 13 percent higher than last year’s levels.
The pace of semi-detached sales growth is showing some signs of slowing, but year-to-date sales remain at record highs. New listings have also reached new highs so far this year. However, the growth in sales has outpaced the growth in new listings, preventing any significant shift in inventory levels.
After the first half of the year, row sales totalled 2,045, their highest mark since 2007. Those sales have been met with record-high new listings. This has caused inventories to trend up over recent months to levels higher than what we typically see at this time of year.
Recent price gains have encouraged more people to sell their condominiums this year, causing both new listings and overall inventories to increase relative to the previous year. At the same time, relative affordability has supported sales totals that have improved from the exceptionally low levels recorded over the previous six years.
Prices have risen across all districts, but the largest price gain occurred in the West district. However, overall, prices remain nearly 15 per cent below previous highs.
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For the detailed market statistics from the Calgary Real Estate Board for June 2021 click HERE. Contact us directly for the stats on Airdrie, Cochrane, Rockyview, Bighorn, or other areas in the Calgary region.