The Calgary Real Estate Board (CREB®) has released their statistic report for May.  A couple of quick statistics to take away from the article:

• Benchmark apartment price in Calgary $278,500
• Benchmark apartment prices declined by 0.7 per cent from last month
• Benchmark apartment prices declined by 5.6 per cent from last year
• Benchmark detached price in Calgary $500,500, a year-over-year decline of 3.4 per cent
• Benchmark attached price in Calgary $332,100, a year-over-year decline of 4.3 per cent

For the full report, continue below.  As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sarah.paranych@century21.ca or 403.703.1052.

Housing supply swells in cool spring market

“While recent oil price gains may have some feeling optimistic, weakness in the labour market continues to impact housing demand,” said CREB® chief economist Ann-Marie Lurie. “Job losses are spreading into other sectors, wages are declining and unemployment levels remain high. At the same time, we’re seeing housing supply levels rise in the rental, new home and resale markets.”Calgary’s housing inventory was on the rise once again in May as new listings climbed and sales slowed to 1,923 units.

Inventory levels rose by 14 per cent in May to a total of 6,148 units. Every product type is experiencing these gains, but the largest inventory growth has occurred in the apartment and attached categories. Together, these sectors represent half of all resale inventories in Calgary.

“The resale apartment market has been the most difficult for sellers,” said CREB® president Cliff Stevenson. “They are competing with improved selection in the lower price ranges of the detached and attached markets, and facing increased competition from the new home sector, where builders are offering incentives to attract potential buyers.”

While apartment resale supply remains 22 per cent below the May high of 2,055 units in 2008, the combination of rising supply in the apartment sector and steep declines in sales activity has elevated months of supply to nearly six months.

The apartment sector of the market has experienced buyers’ conditions for more than 10 months, so the impact on pricing is more dramatic, compared to the detached and attached sectors.

In May, the apartment benchmark price totaled $278,500, a monthly and year-over-year decline of 0.7 and 5.6 per cent. In the detached and attached markets, home prices totaled $500,500 and $332,100, a year-over-year decline of 3.4 and 4.3 per cent.

Click here to view the full City of Calgary monthly stats package.

Sarah Paranych

sellingcalgaryproperties.com
sarah.paranych@century21.ca
403-703-1052

The Calgary Real Estate Board (CREB®) has released their statistic report for April.  A couple of quick statistics to take away from the article:

• Benchmark prices declined by 0.4 per cent from last month
• Benchmark prices declined by 3.4 per cent from last year
• Benchmark price in Calgary $441,000
• Year to date apartment sales have declined by 19 per cent compared to last year
• Year to date attached sales have declined by 13 per cent compared to last year

For the full report, continue below.  As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sarah.paranych@century21.ca or 403.703.1052.

Sellers continue to adjust pricing expectations

Market imbalance in Calgary’’’s residential resale housing market continued to weigh on citywide prices in April.

Much like the previous month, year-over-year sales fell while new listings increased, resulting in inventory gains across all sectors of the market.

As a result, benchmark prices in the city declined by 0.4 per cent from last month, and 3.4 per cent from last year, to $441,000.

For sellers, the reality of seven consecutive months of price declines has started to sink in, said CREB® president Cliff Stevenson.

“From re-considering the listing of their home to lowering expectations on price, sellers are beginning to adjust to the current market reality,” he said. “However, some buyers in the market are still not willing to pull the trigger because they expect even bigger discounts. And so that gap between buyers’ and sellers’ expectations still persists across many product types and locations.”

Despite this, the detached sector fared better relative to the other sectors of the market. While detached sales activity has fallen by over four per cent so far in 2016 compared to last year, the sales to new listings ratio improved in April. This prevented sharper inventory gains and caused months of supply to move toward more balanced levels.

The same cannot be said of other market sectors. Year-to-date apartment and attached sales declined by a respective 19 and 13 per cent compared to last year. Slower sales, combined with rising inventories, ensured that market conditions continued to favour buyers in these segments.

“While the weak economic climate is influencing demand, the apartment and attached sectors are further impacted by increased supply in the competing new home sector and rental markets,” said CREB® chief economist Ann-Marie Lurie. “This is one of the contributing factors to the steeper price declines recorded in the apartment sector.”

Since the start of the price declines, monthly unadjusted benchmark apartment prices have declined by 7.6 per cent, while semi, row and detached have declined by a respective 5.9, 4.6 and 4.1 per cent.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary Region monthly stats package.

Sarah Paranych

sellingcalgaryproperties.com
sarah.paranych@century21.ca
403-703-1052