Calgary Real Estate Market Update for June 2019
– Buyer’s Market Remains Despite Drop in Supply –
In June 2019 the amount of new listings entering onto Calgary’s residential market dropped, helping to reduce oversupply when compared to the previous month of May.
On a year-over-year basis, new listings dropped by around 19%. Sales activity also slowed on a year-over-year basis by 6 per cent, while inventories fell by 15% year-over-year.
According to the Calgary Real Estate Board (CREB®), properties priced under the $500,000 range have led the market to more balanced conditions. However, the market still remains well into buyers’ territory with 4.2 months of supply.
The result of less new listings and dropping oversupply has helped slow benchmark price declines.
June 2019 Real Estate Market Facts & Statistics
- $425,700 city wide benchmark price, about 4% lower year-over-year
- 19% drop in new listings year-over-year
- 6% drop in sales activity year-over-year
- 15% drop in inventories year-over-year
- Sales activity for attached homes improved in June, the only sector to do so
- 1,955 year-to-date total sales, 3% higher year-over-year
- $399,700 semi-detached benchmark price, a drop of 3.3% over last year
- $286,300 row benchmark price, a drop of 5.4% over last year
- Growth in demand driven by semi-detached product
- Attached home sales improved in all districts except the West and North West
- 9% drop in sales activity year-over-year, resulting in year-to-date sales activity easing by 3%
- Detached homes priced below $500,000 have recorded improved sales and a drop in supply
- The tightening of supply in the lower end of the detached market is likely to help initiate price growth
- Sales activity improved in North West and South districts, despite it dropping in all others
- Supply-to-demand ratio of detached homes in the most affordable districts (North East, East) are improving year-over-year, pushing those regional markets towards more balanced conditions
- 18% drop in inventory, representative of decreases in all districts of the city
- 1,292 total condo apartment sales, 7% lower than last year
- 15% drop in new listings year-over-year, helping reduce apartment inventory levels
- $250,200 city-wide benchmark price, 3% lower year-over-year
- Since 2014, the price adjustment of condos city-wide is about 17%
- 6.8 months of supply means condo inventories remain elevated, weighing in on resale prices
Ask a REALTOR®
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Cody Battershill, REALTOR®
As a top-producing RE/MAX real estate agent in Canada (2013, 2014, 2015h) and top-performing agent in office, I have several years of experience in the industry and would love to guide you towards accomplishing your real estate goals.
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