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June 2017 Market Update

Despite the unseasonably warm weather throughout the month of May, buyers remained firmly focused on house shopping! Continuing the trend from the last few months, our team experienced steady activity and a flurry of sales through the month of May, most notably in the single family sector.

Examining the market as a whole; year-over-year sales are up, and for the fourth consecutive month, Calgary average home prices are on the rise. This trend can be mostly attributed to another strong month experienced by the detached home sector. The positive economic climate is supporting market recovery, and improved demand is leading to more balanced conditions throughout most single family market segments. Keeping in trend with the past several months, the market continues to favour the entry-mid level price ranges, where inventory levels and months of supply are still down year over year.

With plenty of new listings hitting the market throughout the month of May, inventory levels in all market segments are currently the highest they have been all year, meaning there are plenty of good housing choices in every segment of the market!

We expect sales activity to stay strong throughout most of June right until Stampede hits, when Calgary home buyers and sellers typically take a break for a few weeks to enjoy the festivities or escape the City. One thing is for sure, if the first six months of the year are any indication of what is to come, the second half of 2017 should see continued optimism in Calgary’s housing market. 

Detached Market Sector

For the fourth consecutive month the detached sector experienced strong sales and continued signs of stability. Sales are up 13% from this time last year and despite the rise in new listings in May, overall inventory levels still remain below last year’s numbers. With months of supply hovering at just 2.13, the detached sector is extremely close to being a Seller’s market and prices are improving as a result. Despite the strength in the detached sector, overall market conditions do vary based on price point. Keeping with the trend seen throughout the past few months, the market continues to most favour sellers in the entry-level price points in each community where demand is strongest and supply the most limited.

Semi-Detached Sector

Sales in the semi-detached sector were down slightly in May; 2.11% less than this time last year, and 0.9% lower than April 2017. Despite slightly lower sales numbers and more new listings coming available, months of supply currently sits at 2.78, which is firmly in balanced market territory. Again, the market varies somewhat in the semi-detached sector based on location and price point. Entry-level price points in popular communities are still quite low on supply, and strong demand has resulted in sellers market conditions, while higher price points are experiencing a larger supply, resulting in a more price sensitive marketplace.

Townhome Sector

Just about tying the detached market for most improvement year over year, the townhouse sector saw 272 sales, a 13% increase compared to this time last year. Despite 525 new listings hitting the market in May, inventory levels dropped and overall months of supply saw vast improvements year-over-year, dropping 14% from 4.08 to 3.49. We remain optimistic that the townhouse sector will remain balanced through the rest of 2017, despite the 9% rise in inventory levels in May compared to April 2017.

Apartment Sector

Growth in new apartment listings continues to outpace growth in sales, with inventory levels now totalling 1,780 in May, an 11% jump compared to last year’s levels and a 7% jump compared to April 2017. Already over-saturated with inventory, the apartment sector can’t seem to earn a break, especially throughout the City Centre, where a number of new condominium projects are under construction and nearing completion. While aggressively priced condos in sought-after communities continue to see activity, overpriced inventory is growing stale, making it especially apparent that appropriate pricing is paramount to see a sale in this market climate. Months of supply now sits at 6.29, an increase of 7.82% from this time last year and firmly buyers market territory.

New Infill Sector

In an interesting turn of events, single family new infill sales declined by over 42% compared to last month’s numbers, while inventory levels increased by almost 8%, bringing months of supply up to 6.6 months. New townhouse sales and inventories remained relatively steady through May, now sitting at 3.7 months of available supply, similar to last months figures.

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