June sales decline amid supply challenges and rising prices
Sales in June reached 2,738, marking a 13% decline from last year’s record high. Although sales improved for homes priced above $700,000, it was not enough to offset the declines reported in the lower price ranges. Despite the easing in June sales, they remain over 17% higher than long-term trends.
“The pullback in sales reflects supply challenges in the lower price ranges, ultimately limiting sales activity,” said Ann-Marie Lurie, Chief Economist at CREB®. “Inventory in the lower price ranges of each property type continue to fall, providing limited choices for potential purchasers looking for more affordable product. It also continues to be a competitive market for some buyers with over 40% of the homes sold selling over list price.”
This month, new listings also eased relative to sales, causing the sales-to-new listings ratio to remain elevated at 72%. Inventory levels did improve over last year’s low levels, primarily due to gains in the higher price ranges. However, with 3,789 units available, levels remain 40 percent lower than long-term trends.
The modest change in inventory levels helped increase the months of supply. However, at 1.4 months, conditions continue to favor sellers. Persistently tight conditions drove further price gains this month. In June, the unadjusted benchmark price rose to $608,000, a gain over last month and nearly nine per cent higher than last year. Prices rose across all districts, with the most significant year-over-year gains occurring in the North East and East districts.
City of Calgary Detached Homes (Single Family)
- Detached sales decreased by 16% compared to a year ago
- New listings decreased by 7.3% compared to a year ago
- Inventory increased by 7.1% compared to a year ago
- Benchmark Price increased by 12% to $767,600 compared to a year ago
City of Calgary Semi-Detached Homes (Duplex)
- Semi-Detached sales decreased by 2.1% compared to a year ago
- New listings decreased by 3.8% compared to a year ago
- Inventory increased by 11.5% compared to a year ago
- Benchmark Price increased by 12% to $686,100 compared to a year ago
City of Calgary Row homes (townhouses)
- Townhouse sales decreased by 17% compared to a year ago
- New listings increased by 5% compared to a year ago
- Inventory increased by 16% compared to a year ago
- Benchmark Price increased by 17% to $464,600 compared to a year ago
City of Calgary Apartment Units
- Apartment unit sales decreased by 7.6% compared to a year ago
- New listings increased by 4% compared to a year ago
- Inventory increased by 9% compared to a year ago
- Benchmark Price increased by 17% to $344,700 compared to a year ago
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