Single-family sector sales, prices decline
South Calgary leads city in resales as new listings figure slides again
Buyers who turned to the city’s resale market for a single-family home last month saw more than $17,000 in savings, says the Calgary Real Estate Board.
The benchmark price on singlefamily homes in July was $502,300. That’s a 3.5 per cent dip from the same month in 2015 when it was $520,000, says CREB.
The benchmark price is that of a typical home based on a formula that uses various factors to ensure accurate comparisons.
Last month’s benchmark decreased by $100 from June.
The setback in prices was joined by a nine per cent cool down in sales, easing to 1,108 deals last month from 1,220 a year ago.
“To buyers and sellers that have been paying attention to the housing market in Calgary and surrounding areas, it should come as no surprise that we continue to see a slowdown in sales activity,” said CREB’s president Cliff Stevenson.
“Buyers are expecting further declines in sold prices, and sellers are adjusting to softer demand with price decreases. When these expectations intersect, we’re seeing sales activity in the market, but not at the level realized over the last several years.”
At the same time, it was the third straight month there were fewer new listings for single-family homes than the same time a year earlier. July had 1,489 additions to the market, which was down from 1,731 year-over-year.
An area the CREB defines as south Calgary led the city in resale of single-family homes last month with 199. Its benchmark price was $479,200. The busiest south Calgary community for sales last month was Evergreen with 19, followed by 14 in Chaparral and 12 in Lake Bonavista.
The next most active area for resale in the city in July was Calgary’s southeast quadrant, which saw 184 single-family homes change hands. This area had a benchmark price of $445,500.
The sales leader for the southeast was the master-planned community of Cranston, which ended the month with 32 deals.
The only other communities to top the 30-sale mark in July were citywide leader Coventry Hills with 34 and Tuscany with 31.